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On July 24, 2024, South Korean news outlet, Yonhap News reported that Lee Jae-sang is to replace Park Ji-won as the new CEO of HYBE. Lee Jae-sang was HYBE's chief strategy officer (CSO) before becoming the CEO. He was reportedly a candidate to replace Min Hee-jin as CEO of ADOR during the ADOR and HYBE public feud in April 2024.
Meanwhile, MTN News reported on July 24, 2024, that HYBE CEO, Park Ji-won, reportedly resigned from his position after serving in the company for 4 years. He is credited for creating the HYBE Corporation's multi-label structural system and turning the company into what it is today. Park Ji-won led the company into going public with the Initial Public Offer (IPO) in 2020.
Lee Jae-sang was behind the failed acquisition of the American record label, Ithaca Holdings LLC, which resulted in a massive turnover deficit. Scooter Braun's Ithaca Holdings LLC is operated under HYBE America. Braun was made the sole CEO of HYBE America on July 10, 2024, after Lenzo Yoon resigned.
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HYBE CEO Park Ji-won suddenly steps aside from his position after 4 years
Netizens were stunned by the breaking news of Park Ji-won's resignation. Despite turning BigHit Entertainment into a billion-dollar HYBE Corporation, Park Ji-won's tenure was marred by the recent HYBE vs. Min Hee-jin controversy and his failure to get SM Entertainment shares in February 2023.
For the unversed, in April 2024, HYBE accused Min Hee-jin (ADOR CEO) of business espionage. They sued her for reportedly conspiring with foreign investors to crash HYBE's stock price and take over full control of ADOR. She was also accused of conspiring with Dunamu (HYBE's third-largest shareholder) for her alleged plans.
HYBE requested Min Hee-jin to step down from her position and called for an emergency shareholders' meeting scheduled for May 30, 2024. However, Min Hee-jin filed an injunction before that to prohibit HYBE from using its majority shareholders' voting rights to remove her as ADOR CEO. HYBE owns 80% of ADOR shares.
Meanwhile, Korea Joong Daily reported that ADOR CEO Min Hee-jin filed a police complaint against HYBE executives, Source Music (HYBE subsidiary), and media outlet Dispatch on July 24, 2024. A few hours later, news of Park Ji-won's resignation went viral online.
This is the second resignation from HYBE in a single month. BIGHIT MUSIC veteran and former HYBE America CEO, Lenzo Yoon, resigned from his position on July 10.
Meanwhile, on July 23, 2024, Reuters reported that Kim Beom-soo (founder & chairperson of Kakao) was arrested on charges of stock manipulation and destroying evidence. South Korean authorities charged him for manipulating SM Entertainment's stock price to prohibit HYBE's bidding in February 2023.
Netizens aren't pleased with Lee Jae-sang's appointment as HYBE's new CEO because of his close connection with Scooter Braun and HYBE America.
