PARK JIWON
Hybe CEO Park Jiwon has resigned.
According to the K-pop industry, on July 24, CEO Park Jiwon recently announced his intention to step down from Hybe.
CEO Park Jiwon joined Hybe in May 2020 after serving as CEO of Nexon Korea and Nexon Japan Global (COO).
In 2021, the year after its turnover, he took over as CEO on behalf of Chairman Bang Sihyuk and oversaw the management strategy and overall operation of Hybe.
During Park Jiwon‘s tenure as CEO, Hybe successfully went public in October 2020, and in 2021, it completed Ithaca Holdings, which includes global pop stars Justin Bieber and Ariana Grande, to increase its size .
Additionally, it has expanded its business beyond K-pop by purchasing popular American hip-hop label QC Media Holdings and Latin music company Exile Music last year.
While focusing on upgrading the “multi-label” system centered on core BTS IP, Hybe became the first Korean music agency to achieve 1 trillion won in annual sales in 2022 and achieved to reach 2 trillion won last year.
Despite Hybe’s growth, the surprise announcement of his resignation appears to have something to do with the atmosphere at the company, disrupted by the recent conflict with Ador CEO Min Heejin.
As Hybe and CEO Min Heejin suffered an extreme confrontation this spring, Kakao Talk messages exchanged between Chairman Bang Sihyuk and CEO Park Jiwon with CEO Min Heejin were exposed, and Hybe’s company image among K-pop fans, who can be called “consumers”, was also hit hard.
Hybe succeeded in replacing the board with its staff, but the original goal of replacing Representative Min Heejin was not achieved due to the court’s ruling on the interim injunction, so both parties continue to live together in an “awkward state”.
In the music industry, analysts say that Hybe is trying to find a new manager to renew the internal atmosphere and prepare for new leaps and growth dynamics, while the “Ador incident” has evolved from extreme battles within Hybe to civil and criminal conflicts.
Hybe said, “Nothing has been decided” on whether to accept CEO Park Jiwon‘s resignation.
Journalist: Shawn
Translator: Shawn
Source: Yonhap news
