In a surprising move, HYBLE Lables founder Bang Si Hyuk has stepped down from the post of CEO of the company. His position will be taken over by Park Ji Won, who was the former CEO of game publisher, Nexon Korea. Park Ji Won will handle HYBE Label's management strategy and overall operations.
According to a statement from HYBE Labels, the huge changes in leadership were prompted by a strong will to realize mid- to long-term business plans and to become a global company. This does not mean Bang Si Hyuk has quit HYBLE Labels completely. He will be the chairman of the board of directors and take part in the decision making on core projects.
IBang Si Hyuk's Future Plans
His decision to step down from the post is in a bid to focus on music production, something he loves doing the most. Bang Si Hyuk is considered one of South Korea's best music producers.
In other developments, HYBE America will have its headquarters in the United States. The American branch will be managed by CEO Yoon Seok Joon and Scooter Braun. It should be noted that HYBE had recently acquired Scooter Braun's Ithaca Holdings. HYBE America will focus on producing, training and marketing to help position K-Pop business models in the US market. HYBE will hold a global audition jointly with Universal Music Group (UMG).
That said, HYBE will soon become an independent label in Japan. It will be headed by CEO Han Hyuk Rok who will work with the aim of creating a platform for HYBE Label artists so that can get a strong foothold in the Japanese market. The Japanese label will soon launch a rookie boy group.
"This restructuring comes as the result of wanting an overall change of leadership to better develop mid-to-long term business strategies to become a global company. With the goal of global leadership. We have recognized the scope of global authority and responsibility according to the expertise of each other," stated HYBE.
From Hitman to Forbes' Richest Man
Bang Si Hyuk started his career in the entertainment industry as a composer and earned the nickname Hitman. He was working with JY Park's agency JYP Entertainment. However, he soon quit to launch his own label and named it Big Hit Entertainment in 2005. After merging with HYBE Corporation, Big Hit Entertainment came under the HYBE Label and has since been known as Big Hit Music, which manages the top KPop group BTS. He has also co-written six songs for BTS' critically acclaimed album Wings in 2016.
Forbes Asia listed Bang Si Hyuk as the 16th richest person in South Korea. He is estimated to have a net worth of $2.7 billion.
