Hybe, the South Korean entertainment agency behind global sensation BTS, announced the resignation of its CEO, Park Ji-won. The decision, to be ratified in an upcoming general shareholders meeting and board of directors meeting, marks a significant leadership change amidst ongoing strategic realignments at one of Korea’s leading entertainment companies.
Park’s resignation comes as Hybe gears up for expansive global growth, with the company citing a need for fresh leadership to drive new strategies. This transition follows internal tensions that surfaced in April between Park and Min Hee-jin, CEO of Hybe’s subsidiary Ador, known for producing the female group NewJeans. Park has since apologized for the disruption caused to shareholders.
Taking over as the new CEO is Lee Jae-sang, who has been with Hybe since 2018, following stints at Hyundai Motor and Google. Lee has been instrumental in shaping Hybe’s business and investment strategies, bringing with him extensive experience in the entertainment sector.
This leadership shift occurs against a backdrop of financial challenges for Hybe, as the company’s operating profit dropped in the first quarter due to BTS’s hiatus and members’ mandatory military service. Lee’s appointment signals a strategic pivot as Hybe seeks to navigate these hurdles and capitalize on new growth opportunities in the global market.
