Business News Labels & Publishers

Bang Si-hyuk stands down as HYBE CEO with executive rejig at expanded music business

By | Published on Friday 2 July 2021


The recently expanded HYBE group has announced a big old rejig of its leadership, also confirming who will be running its American division and a revamp of its Japanese operations.

At this point I am both legally and ethically obliged to point out that HYBE used to be called Big Hit Entertainment and is the company behind the K-pop phenomenon that is BTS. But you knew that already. Damn tedious legal and ethical obligations

The biggest bit of the big old rejig is that the company’s founder – your old mate Bang Si-hyuk – is standing down as CEO so that he can spend more time on music production projects. Music production gubbins being his original focus back in the day. However, he will still chair the South Korean entertainment firm’s board. Park Ji-won, who joined HYBE last year, takes over as CEO.

HYBE America became much bigger news in April, of course, when it acquired Scooter Braun’s Ithaca Holdings, including his SB Projects management business and the Big Machine record label group.

Braun has been confirmed as co-CEO of HYBE America, overseeing all the Ithaca assets and also taking responsibility for establishing a “solid foothold” for the wider company in the US. The other co-CEO is Lenzo Yoon, who will lead on efforts to establish the glorious K-pop business model in America, in part via the partnership with Universal Music that the company announced earlier this year.

Meanwhile, in Japan, a new regional division is being launched bringing together two standalone businesses HYBE already runs in the country. It will be run by CEO Han Hyunrock and will aim to both sign Japanese talent – initially by creating a boy band – and to rep other HYBE artists in the market.

If you’re super interested in such things, among HYBE’s big rejig announcement it was also confirmed that the company’s Lee Jaesang, who played a key role in the Ithaca acquisition, will relocate to the US to become COO of HYBE America. Meanwhile, back at the South Korean HQ, Kim Taeho becomes COO and Lee Jinhyeong chief comms officer.

READ MORE ABOUT: | | | | | |