HYBE, a South Korean music & entertainment company, has reportedly announced that CEO Bang Si-hyuk would be stepping down from his current role.
HYBE, previously known as Big Hit Entertainment; which birthed BTS, one of the world's most popular groups, released an official announcement, stating that this action is part of a significant leadership restructure at the company to speed up its global operations.
Si-hyuk will now concentrate on his duties as chairman of the board of directors, where he will continue to play a role in the core operations of the company. The restructure would also allow him to concentrate on music production, which is how he originally gained popularity as 'Hitman' in the 1990s and early 2000s, producing hit songs for singers like Wonder Girls, g.o.d., Park Ji-yoon, Rain and others.
According to reports, Park Ji-won will take over from Bang Si-hyuk as the next CEO. After serving as the global COO of NEXON Japan and the CEO of NEXON Korea, he joined HYBE this May. Park will manage strategy and operations while focusing on systematizing the wider organization in accordance with the company's fast expansion.
Meanwhile, HYBE America would be operating under two branches that would be managed by CEO Lenzo Yoon and CEO Scooter Braun. Yoon will oversee the whole process of localizing the K-pop business model in the US music industry, including training, production, and marketing.
While Braun will continue to oversee Ithaca Holdings while taking responsibility of HYBE’s business operations in the United States to build a solid presence and increase competitiveness. This action reveals part of the HYBE-Ithaca merger's wider plan.
For the record, HYBE acquired Ithaca Holdings from SB Projects, a label run by Braun that manages celebrities like Ariana Grande and Justin Bieber, and merged with it in a billion-dollar deal.
Meanwhile, HYBE also announced the formation of a full-fledged regional headquarters for its Japan activities. HYBE Japan was created after two previously independent businesses, HYBE Solutions Japan, and HYBE T&D Japan were merged.