Once a legend, now a no-hoper. The great Park Ji Won has decided to resign from his position as the CEO of the giant HYBE Labels group, with his replacement now confirmed to be the alleged “company destroyer” named Lee Jae Sang. Does this mean that HYBE finally admits its defeat and failure? That is especially saddening when its subsidiaries Belift Lab and Source Music are in a civil war with their own sibling, ADOR. Plus, the new CEO is no better, according to the global fans. Dive deeper into the story with us below.
CEO of HYBE Labels Groups Park Ji Won to Reportedly Resign: “New Leadership Needed”
The Korean entertainment industry is in chaos with the escalating dispute between HYBE and ADOR CEO Min Heejin. While nothing seems to signal the conflict to reach a peaceful ending, one of the leaders of HYBE Labels groups, CEO Park Ji Won, has decided to resign.
On July 24, Korean media outlet Money Today News reported that CEO Park Ji Won of HYBE Labels groups had decided to resign 4 years after leaving Nexon and joining the Kpop giant company. According to the report, the CEO had recently completed a project before suddenly announcing his intention to step down from the position.
“Park Ji Won recently completed an external investment attraction project for one of HYBE’s subsidiaries and then shared his plans to step down.”
Industry insider to MTN.
While initially refuting the statement, more reports revealed that HYBE Labels groups CEO Park Ji Won had announced his decision to resign to all employees of HYBE. The CEO sent an internal email to HYBE employees, announcing his resignation on the basis of the “new leadership necessity to lead new changes in HYBE.”
“I believe that new leadership is necessary to drive the new changes in preparing and responding to HYBE’s future in global business expansion and new improvement strategy.
Meanwhile, I will continue to contribute in areas where I can leverage my expertise and network as a member of HYBE.”
Park Ji Won.
New Replacement Confirmed: Future CEO of HYBE Labels Groups Lee Jae Sang
Along with the announcement, Park Ji Won also introduced his replacement to take the CEO role of HYBE Labels groups, Lee Jae Sang. Both HYBE and Park Ji Won introduced Lee Jae Sang as an industry expert and said that he had been preparing to lead HYBE, driving the 2.0 era of the company.
“Lee Jae Sang is an expert in the entertainment industry with comprehensive experience in strategizing and operating businesses both domestically and internationally.
He is expected to demonstrate his capabilities in helping HYBE grow into a sophisticated entertainment lifestyle platform company based on music and technology.”
HYBE.
“Lee Jae Sang has been preparing to lead ‘HYBE 2.0’ as the new CEO since the beginning of this year.
He will be the right person to effectively execute HYBE’s mid-to-long-term growth strategy while inheriting HYBE’s vision, mission, and core values.”
Park Ji Won.
Previously, the appointed CEO, Lee Jae Sang, graduated from Yonsei University and joined Big Hit Entertainment (now HYBE) in 2018 after working at Monitor Group, Hyundai Motor Company, and Google.
He has been a critical player in HYBE’s business strategy and investments, holding roles like Chief Innovation & Growth Officer, Chief Strategy Officer, COO of HYBE America, and CEO of HYBE America.
Not only that, but Lee Jae Sang also played a significant role in creating HYBE’s ‘Label-Solution-Platform’ strategy and led essential mergers, acquisitions, and HYBE’s initial public offering (IPO).
Park Ji Won Decided to Resign Amid the Massive Civil War: Giving Up with MORE Doom?
Finally, Park Ji Won’s decision to resign from his CEO position in HYBE Labels groups has been a shocking turnover, especially amid the massive civil war between Belift Lab, Source Music, and ADOR.
That is especially when the new appointed CEO Lee Jae Sang instantly received major backlash for his previous failures. And it happened immediately after the announcement.
So, does this mean that Park Ji Won had finally given up working on the solution for this fight within HYBE Labels groups? Will HYBE finally change its multi-label concept, or is it still fighting for this innovation? Has HYBE truly made the right decision? And what do you think of this new development? Please share your thoughts in the comments.
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