Lotte Group has hired Kim Sang-hyun, former vice president of market rival Homeplus, to lead Lotte Shopping, which controls all the group’s retail business, officials said Thursday.

The group’s hotel department will be led by Ahn Se-jin, former CEO of the Korean restaurant chain Nolboo.

Kim Gyo-hyun, former head of Lotte Chemical, was promoted to vice president in recognition of his achievements in restoring the fortunes of the group’s chemical business to pre-pandemic levels. 

Lotte Holdings President Lee Dong-woo was promoted to vice chairman and CEO of Lotte Corporation, they said.

In the face of fast-emerging online businesses, the group is set to conduct an organizational transformation. 

The group will be divided into six business sectors -- food, shopping, hotels, chemical, construction and rentals -- to streamline decision-making processes, it said.