Lotte Engineering & Construction announced on the 15th that it held a town hall meeting at its headquarters in Jamwon-dong, Seocho-gu, Seoul on the 13th, sharing its future management plans and mid-to-long-term execution strategies with employees.
At the town hall meeting, Lotte E&C assessed the internal and external business environment it faces, including the global supply chain crisis, rising labor costs, and increased financing rates due to the high interest rate environment. The company also shared with employees the industry-wide deterioration in profitability and the trend toward stricter legal regulations and safety standards, while jointly exploring solutions.
Lotte E&C CEO Oh Il-geun proposed "management rebuilding" and "organizational efficiency" to overcome the current crisis and fundamentally strengthen the company's management structure. Accordingly, Lotte E&C will conduct detailed reviews of key issues and focus on short-term and mid-to-long-term solutions. In terms of organizational efficiency, the company plans to further strengthen safety and compliance management to enhance internal controls and business stability.
Oh also expressed the company's commitment to maximize collaboration synergies and secure new growth engines by serving as a developer within the Lotte Group. While maintaining a profitability-focused selective bidding strategy, the company plans to pursue a full-scale reorganization of its business portfolio, including identifying high-value-added businesses to secure mid-to-long-term growth capabilities.
Emphasizing fundamental management strengthening through management rebuilding and organizational efficiency, CEO Oh urged, "Close cooperation among all employees is needed to improve construction quality, which is the foundation of our business, and to strengthen on-site safety and health management."