In the course of the five-day Chuseok vacation, leaders of meals and distribution conglomerates are anticipated to refine their administration methods for the second half of the yr, specializing in enhancing profitability in a difficult enterprise setting.
With the business grappling with a downturn intensified by excessive costs and rates of interest, the first purpose might be to plan measures to bolster profitability and navigate the efficiency disaster within the months forward.
In line with business sources on Friday, Lotte Group Chairman Shin Dong-bin will go to Ulsan through the vacation to pay his respects on the memorial of Lotte Group founder and Honorary Chairman Shin Kyuk-ho. Following the occasion, Shin is anticipated to stay within the nation to focus on his administration technique for the rest of the yr.
Subsequently, after Chuseok, he’ll journey to Korea and Japan to supervise key operations and handle important points akin to bettering profitability and discovering new progress alternatives.
Shin’s current initiative seeks to create extra synergy between Lotte subsidiaries in Korea and Japan.
Throughout his current visits to meals manufacturing websites in Belgium and Poland, Shin recognized Lotte’s chocolate snack Pepero as a strategic product and introduced an purpose to raise it to one of many high 10 world manufacturers within the phase, focusing on gross sales of 1 trillion gained ($750 million).
Shinsegae Group Chairman Chung Yong-jin can be anticipated to concentrate on administration methods through the vacation season, with specific consideration on enhancing profitability.
The group is devoted to bettering the efficiency of its core associates this yr by implementing cost-cutting measures, streamlining administration and reorganizing personnel. Shinsegae’s upcoming challenge consists of the appointment of executives, which is anticipated to happen across the finish of October or early November.
Neither Shin nor Chung are anticipated to hitch the financial delegation accompanying President Yoon Suk Yeol on his go to to the Czech Republic from Sept. 19-22, shortly after Chuseok. Their participation in subsequent month’s ASEAN financial delegation additionally stays unsure.
CJ Group Chairman Lee Jae-hyun and Hyundai Division Retailer Chairman Chung Ji-sun are additionally prone to refine their administration methods through the vacation season, as instructed by business sources.
