Park Ji Won has officially announced his resignation as the CEO of HYBE, sending ripples throughout the Korean entertainment industry.
Although he will be stepping down from his position, Park mentioned that he will continue to work with HYBE as a member of the company. On July 24, Park addressed HYBE employees in a heartfelt letter, highlighting the company’s remarkable growth over the past three years and unveiling plans for its future. Park said in his official statement, “Today, media reports about my future suddenly came out, and I don’t think it would be appropriate to make you wait another confusing time, so I would like to give our members a brief explanation first.”
He mentions, “Over the past three years, we have achieved unprecedented rapid growth through our multi-label strategy and entry into the global market, and have made a great leap forward, but at the same time, the management has been contemplating a growth strategy for the next five years with a sense of crisis and a sense of responsibility to continue growing.”
Reflecting on HYBE’s rapid expansion and the executive team’s strategic planning for the next five years, Park emphasized the need for fresh leadership to drive HYBE 2.0, adding, “In order to more actively prepare for and respond to HYBE’s future, we have determined that new leadership is needed to lead new changes,” as he explained the process of the CEO replacement.
Scheduled to discuss the ambitious “HYBE 2.0” growth strategy at a town hall meeting next Tuesday, Park decided to clarify his departure ahead of time to avoid any confusion. “I thought it was inappropriate to leave you in uncertainty until the town hall meeting,” he explained. Park also announced that Lee Jae-Sang, the current Chief Strategy Officer, has been preparing to take the helm as the new CEO. HYBE praised Lee’s extensive experience in strategic planning and operations, both domestically and internationally.
“Lee Jae-Sang is an entertainment industry expert, and we expect him to leverage his capabilities to help HYBE grow into an advanced entertainment lifestyle platform company based on music and technology,” the company noted. Lee Jae-Sang’s appointment as CEO will be finalized following approval from the shareholders’ meeting and the board of directors.
Adding to the intrigue, investment industry insiders revealed that Park Ji Won’s decision to step down follows the completion of an external investment initiative for one of HYBE’s subsidiaries. Despite the circulating reports, HYBE remained tight-lipped, stating, “Nothing has been decided yet.”
Park Ji Won, who was previously the CEO of Nexon Korea in 2014, joined BIGHIT MUSIC (now HYBE) in May 2020. During his tenure, he played a pivotal role in establishing a multi-label system and supporting the success of HYBE’s affiliated artists. However, his time at the company was also marked by conflicts with ADOR’s CEO Min Hee Jin.