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HYBE America co-CEO, Yoon Seok-jun aka Lenzo Yoon, is reportedly set to step down from his position permanently. According to a report by the South Korean media outlet Maeil Kyungjae Star Today, published on June 3, Lenzo Yoon is subject to a non-compete clause until the end of 2024. Following the expiration of his clause, the former HYBE America co-CEO is expected to depart from the company permanently.
He resigned from his position in January 2023 and has currently returned to South Korea with his family. Lenzo Yoon (CEO of HYBE Global) and Scooter Braun shared the role of co-CEO at HYBE America. HYBE has refrained from stating the reason for his resignation. Meanwhile, Scooter Braun has become the sole CEO of HYBE America.
One of the original members of BigHit Entertainment (now HYBE), Lenzo Yoon became a director of strategic planning for the company in 2010 which Bang Si-hyuk founded in 2005.
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Lenzo Yoon—the brains behind BTS and HYBE's overseas expansion
As the head of the business planning office since 2015, Yoon Seok-jun aka Lenzo Yoon developed and extended the company. He was in charge of BTS' Bangtan Bombs, Run BTS!, Weverse LIVE, and more. He was also responsible for extending the company's overseas reach including the the partnership with the Universal Music Group (UMG).
The strategic alliance with Universal Music Group to introduce new K-pop artists to the US market shot the company to new heights. As a result, Yoon Seok-jun and Bang Si-hyuk were selected as one of Billboard's Power Players of the Year in June 2022.
Korea Herald reported that according to HYBE, Yoon Seok-jun foresaw the necessity of internal material for a K-pop company, which was one of the breakthrough ideas for the company.
Moreover, he also aided the growth and global expansion of each HYBE subsidiary. He further spearheaded HYBE's acquisition of the US media behemoth Ithaca Holdings.
He has demonstrated his competence by concentrating all of his efforts on growing medium-to-long-term prospects, such as the intellectual property (IP) company and the BTS world tour, by fortifying international networks and collaborations.
In 2022, Billboard reported that Yoon Seok-jun's $235,000 compensation increased by $33.5 million after he cashed in his stock options. Since 2021, Yoon Seok-jun held the positions of CEO of HYBE America and HYBE Universal.
He was also the CEO of BigHit Entertainment in 2019 and BigHit Entertainment Global in 2020. He started focusing on creating high-value-added goods, content, and services after being appointed co-CEO of BigHit Entertainment in 2019.
HYBE earns $1.56 billion in sales with BTS and SEVENTEEN's album sales in 2023-2024
In February 2024, HYBE reported KRW 2.17 trillion ($1.56 billion) in sales and KRW 295.8 billion in operating profit in 2023. It was year-over-year rise of 22.6% and 24.9%, respectively. HYBE achieved the greatest annual revenue and operating profit since its founding.
From 2021 to 2023, the sales and operating profit compound annual growth rates (CAGR) for HYBE are 31.7% and 24.7%, respectively. In 2023, the total number of album units sold by HYBE artists exceeded 43.6 million. The album sales recorded were double that of the company 2022 report.
BTS members' solo albums sold over 8.7 million copies worldwide, while SEVENTEEN scored over 16 million combined album sales. ENHYPEN sold 3.88 million album copies, NewJeans sold 4.26 million copies, and TOMORROW X TOGETHER (TXT) sold 6.5 million album units in 2023.
In other news, six out of seven members of BTS are currently enlisted in the South Korean military to serve their mandatory conscription as per the nation's law. BTS' eldest member, Kim Seok-jin, completed his military service and was discharged on June 12, 2024. The rest of the band will return by 2025 and resume group activities.
