Park Ji-won has reportedly submitted his resignation from his position as HYBE CEO after serving in the position since 2021. The news was conveyed by the Korea JoongAng Daily on Wednesday July 24, 2024 after a number of local media reported Park Ji-won's resignation.
"From my understanding, Park Ji-won gave up his position after recently completing a project to attract outside investment to one of HYBE's affiliates," a source was reported as saying by MTN. Park Ji-won took office at HYBE in May 2020.
He then rose to the position of CEO in 2021 replacing Bang Si-hyuk who is now Chairman. Ji-won is best known for successfully bringing HYBE, which was then called Big Hit Entertainment, to join the Korea Exchange in 2020. He also successfully acquired AS Ithaca Holdings in 2021.
After Park Ji-won officially stepped down from HYBE, now HYBE's leadership is left with Bang Si-hyuk as Chairman, Scooter Braun as CEO of HYBE America, and Han Hyun-rock as CEO of HYBE Japan. Park Ji-won's resignation from HYBE emerged amidst the conflict between HYBE and ADOR CEO Min Hee-jin, which had been in the public spotlight since mid-2024.
The feud grew wider after involving several other HYBE subsidiaries, including Belift Lab as the agency for girl group ILLIT, and Source Music which houses the group LE SSERAFIM. The conflict began in late April 2024 when HYBE conducted an internal audit of Min Hee-jin and ADOR.
The agency of NewJeans allegedly wanted to take over ADOR and NewJeans from HYBE as the majority owner. HYBE and ADOR then threw evidence and accusations at each other, such as text messages between Min Hee-jin and several parties, to accusations against NewJeans, ILLIT, and LE SSERAFIM.
The conflict led to the holding of an ADOR shareholders' meeting with the result that Min Hee-jin remained ADOR's CEO after the court accepted ADOR's lawsuit for HYBE not to use its vote at the extraordinary meeting. HYBE is known to hold a majority stake of 80 percent in ADOR. If the parent company exercises its voting rights, Min Hee-jin will certainly be removed from her position as ADOR's leader.
Post a Comment