HYBE's Bang Si Hyuk Resigns as CEO + HYBE Labels Japan to Launch New Boy Group
Bang Si Hyuk is stepping down as the CEO. In addition, a new boy group under HYBE Labels Japan will soon be introduced.
HYBE (formerly Big Hit Entertainment) is conducting a reorganization in their leadership to further improve their global management.
Following the announcement of plans to establish a join venture with Universal Music Group back in February and the acquiring of Ithaca Holdings earlier in April, the reorganization is to promote globalization through the all-round deployment of the top management leaders.
Bang Si Hyuk Resigns as HYBE CEO to Focus on Chairman Role and Producing
According to HYBE, the company's chairman, Bang Si Hyuk, will be resigning as the CEO in order to concentrate on his position as Chairman of the Board of Directors and in order to participate in the decision-making of the core business. Bang Si Hyuk will also continue his role as a music producer, which is his area of expertise.
As Bang Si Hyuk steps down from his role, the new CEO of HYBE will be Park Ji Won, the former CEO of HYBE HQ.
After joining the company in May last year, Park Ji Won has focused on systematizing the overall organization in line with the HYBE's rapid growth rate. But from now on, he will oversee the overall management and operation of HYBE.
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HYBE's New Leadership Structure + HYBE Labels Japan to Launch New Boy Group
HYBE America with its head office located in the United States, is currently being operated by CEO Yoon Seok Joon and Scooter Braun of Ithaca Holdings.
Yoon Seok Joon had pioneered a new type of business model in K-Pop, and is currently one of the key leading people in bringing Big Hit Entertainment to its current position as HYBE.
Based on that experience, HYBE plans to take on the challenge of bringing the K-Pop business model to the music market in the United States - from production to nurturing newcomers, all the way to marketing.
A global audition project, which is in the works by establishing a join venture with Universal Music Group, will be the first step.
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As one of the CEOs of HYBE America, Scooter Braun aims to strengthen HYBE's competitiveness in the United States as he leads Ithaca Holdings and the overall operation of HYBE's business in the United States.
Lee Jaesang, HYBE's Chief Strategy Officer, who also headed HYBE's acquisition of Ithaca Holdings, will be moving to HYBE America as the Chief Operation Officer, and will focus on maximizing the synergy between HYBE's business structure with Ithaca Holdings'.
HYBE's Japanese subsidiaries are also going through reorganization to establish a regional headquarters structure.
The newly established HYBE Japan will be headed by Han Hyuk Rok as the new CEO. HYBE Japan plans to further strengthen the company's independent business structure in line with the Japanese market, along with the launch of their first boy group that HYBE Labels Japan will soon introduce.
What are your thoughts on HYBE's new leadership structure?
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Written by Robyn Joan
