Lotte Biologics’ CEO, Shin Yoo-yeol, faces a critical test to drive new growth for the company.
Succession Watch profiles the next generation of leaders shaping Korea’s key industries — from chaebol heirs to self-made entrepreneurs — spotlighting the new forces driving the nation’s growth. — Ed.
Lotte Group Chairman Shin Dong-bin has made it clear: the company must innovate to survive.
His eldest son, Shin Yoo-yeol, is now at the forefront of this challenge, tasked with leading Lotte Biologics and spearheading the group’s future growth strategy.
Appointed as co-CEO of Lotte Biologics just three months ago, the 39-year-old faces high expectations. Can he deliver substantial growth for the contract development and manufacturing organization (CDMO) while also proving his capabilities as a future leader of Lotte Group, Korea’s fifth-largest conglomerate? This is particularly crucial as the broader group focuses on cost-cutting measures.
Born in 1986, Shin Yoo-yeol, son of Shin Dong-bin and Manami Shigemitsu, experienced a multicultural upbringing in both Japan and Korea, mirroring Lotte Group’s unique dual-national identity.
Holding Japanese citizenship under the name Satoshi Shigemitsu, like his two younger sisters, he married a Japanese woman he met during his time at Nomura Securities. He is a graduate of Keio University and holds an MBA from Columbia Business School.
Shin’s career path began at Nomura Securities, followed by a formal entry into the Lotte Group succession plan in 2020. He held positions at Lotte Holdings in Japan, Lotte Chemical in 2022 as an executive director, and Lotte Financial Corp. as CEO in 2023. Subsequently, he moved to Lotte Corp. in Korea, the holding company, to lead future growth initiatives.
A significant shift occurred in November 2025, when Lotte Group restructured its governance. In a move that saw 20 CEOs replaced and a shift from industry-based control towers to a subsidiary-led structure, Shin was promoted to co-CEO of Lotte Biologics, working alongside James Park, formerly CEO of GC Cell.
Industry experts note that Shin’s increased responsibilities indicate a strategic emphasis on the biotech sector.
“The owner family clearly views the biotech business as a priority,” noted one industry source. “His active participation in global events like the JPMorgan Healthcare Conference, BIO USA, and BioJapan demonstrates his commitment.”
These public appearances have helped to dispel his earlier image as a reserved heir, although he maintains a relatively understated public persona.
“Despite his background as a member of the founding family, he’s known for his modest demeanor and willingness to engage with reporters at industry events,” the official added.
Building a Biotech Foundation
Shin’s role as co-CEO of Lotte Biologics will test his ability to transform a capital-intensive enterprise into a profitable core business, with the ultimate goal of ranking among the world’s top 10 CDMOs by 2030.
This is a significant challenge, as the biotech division is currently in a heavy investment phase.
Launched in 2022, Lotte Biologics entered the global biotech market with the $160 million acquisition of a manufacturing facility in Syracuse, New York, from Bristol Myers Squibb. An additional $100 million investment was allocated to establishing dedicated antibody-drug conjugate production lines.
In South Korea, the company plans a substantial investment of 4.6 trillion won ($3.1 billion) by 2030 to construct three production plants in Songdo, Incheon, each with a capacity of 120,000 liters. The first plant, focused on manufacturing antibody therapeutics, is scheduled to commence operations in 2027.
“We achieved this milestone thanks to the dedication of our construction and biotech teams from groundbreaking to topping-out,” Shin stated at the ceremony for the first facility. “Lotte Biologics will become a crucial driver of the group’s future growth.”
These investments have resulted in financial losses, with an operating loss of approximately 80 billion won in 2024, a reversal from the 26.5 billion won profit recorded the previous year. This trend continued into 2025, with a net loss of 60.4 billion won through the third quarter.
However, the acquisition of three contracts in 2025 from biotech companies in Asia, the UK, and the US for contract development and manufacturing services signals a growing momentum for the company.
In 2025, Lotte Biologics signed a contract manufacturing agreement with Rakuten Medical, with Shin present at the JPMorgan Healthcare Conference.
At the conference, Shin emphasized the company’s strategy to “closely analyze global market trends and expand contact points with potential clients,” while highlighting a dual-site strategy linking US and Korean production facilities as a transpacific manufacturing platform.
Shin’s career path mirrors that of his father: education in Japan, an MBA from Columbia, and a start at Nomura Securities before joining Lotte’s Japanese operations.
“Having followed a similar trajectory to his father, Shin’s management philosophy and style appear to share many similarities,” noted one industry analyst. “His fluency in Korean, English, and Japanese is a distinct advantage in international business meetings.”
His recent public appearances alongside his father, such as the tour of the company’s New York plant in October 2025, further reinforce this comparison.
However, Shin’s journey to leadership is not without challenges, including governance and reputational issues.
His current ownership stake in Lotte Corp. is limited to approximately 0.03 percent, significantly smaller than his father’s 13.04 percent.
The group’s governance structure, with control flowing through Japanese entities to Lotte Corp., adds further complexity. The ownership structure includes Kojunsha, Lotte Holdings, Hotel Lotte, and finally, Lotte Corp.
Shin Dong-joo, the chairman’s younger brother, who was ousted from management following a family dispute, retains influence through his 50.28 percent stake in Kojunsha and has publicly opposed Shin Yoo-yeol’s advancement, voting against his nomination to the board of Lotte Holdings in 2024.
His Japanese citizenship also raises questions. While there is speculation that he may follow his father’s example by acquiring Korean citizenship, similar to Shin Dong-bin’s move at age 41, industry observers suggest that public perception may make it difficult for someone holding Japanese citizenship to lead the group’s Korean operations.
