Amidst the heated feud between HYBE Labels and ADOR CEO Min Hee Jin, HYBE Labels CEO Park Ji Won is reportedly stepping down from his position. Quoting from Allkpop on Wednesday July 24, 2024, Park Ji Won is reported to be stepping down from his position as CEO of HYBE Labels.
According to reports from news outlets, Park Ji Won expressed his desire to step down after serving as CEO for approximately 4 years. Park Ji Won is known to have joined HYBE Labels in May 2020, and started his career as CEO of HYBE Labels in 2021, replacing Chairman Bang Si Hyuk.
An insider said Park Ji Won wanted to end his term after he successfully fulfilled his task of attracting foreign investment for one of HYBE Labels' affiliated companies. "From what I know, Park Ji Won expressed his desire to step down from the CEO position after he recently completed a project to secure foreign investment for one of HYBE Labels' affiliated companies," the informant explained to the media.
Meanwhile, Park Ji Won is known for successfully leading HYBE Labels, formerly known as Big Hit Entertainment to Go Public on the South Korean Stock Exchange in 2020. Under his leadership, HYBE also successfully purchased an entertainment company from the United States, Ithaca Holdings in 2021.
However, Park Ji Won's resignation from his position as CEO of HYBE Labels is currently suspected to be related to the ongoing conflict between HYBE Labels and ADOR CEO Min Hee Jin, which has dragged in other subordinate agencies of HYBE Labels, including BELIFT LAB and Source Music.
The conflict between HYBE Labels and ADOR began when HYBE conducted an internal audit of ADOR's CEO Min Hee Jin, who was suspected of having relations with a third party and trying to attract foreign investors to free ADOR from HYBE Labels' influence. Not only does it involve NewJeans members as the main talents of ADOR agency, this conflict is also getting wider with ADOR dragging the groups Le Sserafim and Illit into their conflict.
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