This year, turmoil has been plaguing South Korean global entertainment business HYBE one after another. The entertainment powerhouse has made headlines once more as the dust just started to settle. This time, Park Ji-won, the CEO of HYBE, has formally announced his resignation. Although he will stay on as an employee of HYBE, it was disclosed that Lee Jae-sang, the current CSO of HYBE, has been in preparation to take the helm of HYBE 2.0 as the new CEO.
In a letter to the staff, Park Ji-won said that HYBE’s mid-to-long-term growth plan, known as HYBE 2.0, will be discussed at a town hall meeting set for next Tuesday, according to Soompi. This information was confirmed by the news outlet on July 24.
He wrote that it was improper to leave the staff in the dark until the meeting at town hall, acknowledging the media allegations regarding his stance.
As reported by the news outlet, Park Ji-won emphasised HYBE’s swift expansion in the last three years and mentioned that its management has been strategising for the following five years, with a primary focus on maintaining growth.
He announced his resignation writing, “We believe new leadership is necessary to drive the changes required for HYBE 2.0.”
In addition, HYBE stated that they intended to name Lee Jae-sang as CEO. He is referred to by the corporation as an expert in the entertainment sector with a wealth of knowledge in business strategy and operations, both locally and abroad.
Soompi continued to cite the firm, saying they anticipate his employing his skills to assist HYBE develop into a cutting-edge music and technology-based entertainment lifestyle platform.
Soompi verifies that Lee Jae-sang will be formally named as HYBE’s new CEO when the board of directors and shareholders’ meeting approve his appointment.
Park Ji-won, meanwhile, began working with BIGHIT MUSIC (present-day HYBE) in May 2020.
He played a key role in creating a multi-label structure and fostering the success of associated musicians while he was employed at HYBE. However, his stay at the firm was also marred by tensions with ADOR CEO Min Hee-jin.
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