Lotte to 'Replace 21 CEOs' Large-scale Personnel...the promotion of Shin Yu-yeol

Lotte replaced 21 CEOs and made the largest executive appointment ever, with 22% of executives retiring.

Roh Jun-hyung, vice president of Lotte Group's management innovation office, was promoted to president, and Shin Yoo-yeol, executive director of Lotte Group's future growth office, was promoted to vice president.

Lotte said it has reduced the size of its executives by 13% from the end of last year to speed up decision-making and boost productivity.