There has been a significant leadership shakeup at South Korea-headquartered entertainment giant HYBE.
Jiwon Park, who has served as HYBE’s CEO for the past three years, has stepped down from his role at the company.
HYBE says that Park has led the company through “unprecedented growth” during his tenure as CEO, which started in July 2021.
The company added that Park will continue to contribute to its growth strategy by “leveraging his expertise in the intersection of entertainment and technology”.
The executive was named CEO of HYBE in July 2021 when Bang Si-hyuk stepped down as CEO as part of a previous major leadership shakeup at the company. Bang Si-hyuk remained chairman of the Board of Directors.
Park has overseen HYBE’s overall management strategy and operations since then.
HYBE also announced today (July 24) that Jason Jaesang Lee, the company’s current Chief Strategy Officer, has been appointed as its new Chief Executive Officer, following approval at a shareholders’ meeting and Board of Directors Resolution.
Since joining HYBE (formerly Big Hit Entertainment) in 2018, the company says that Lee has been instrumental in shaping its business strategy and investments.
He has held key positions including Chief Innovation and Growth Officer, Chief Strategy Officer, Chief Operating Officer of HYBE AMERICA, and President of HYBE AMERICA.
With extensive experience across the entertainment industry, HYBE notes that Lee structured its “three-pillar business model” across its label, solution, and platform businesses, while spearheading the company’s IPO and number of mergers and acquisitions.
Lee previously worked with Monitor Group, Hyundai Motors, and Google prior to joining HYBE.
According to HYBE, the leadership change will “facilitate[e] a strategic shift aimed at fostering HYBE’s global expansion and its new growth strategy”.
The company added that the transition has been part of HYBE’s “ongoing leadership initiative” since the start of 2024, positioning Lee as “the central figure” for its so-called “HYBE 2.0 strategy rollout”.
“Jason is an entertainment industry veteran with vast experience in strategic planning and operations across both domestic and overseas businesses.”
HYBE
“Jason is an entertainment industry veteran with vast experience in strategic planning and operations across both domestic and overseas businesses,” said HYBE in a statement issued to MBW.
“Under his new leadership, we are looking forward to advancing as a global entertainment lifestyle platform company.”
Today’s announcement arrives a couple of weeks after news broke about the departure of another senior HYBE exec, Lenzo Yoon, who is reportedly leaving the South Korea-headquartered company at the end of 2024.
The exec is the former Global CEO at HYBE. and most recently held the title of Co-CEO of HYBE America, a role he shared with Scooter Braun until January 2023, when the latter exec became sole CEO of HYBE America.
HYBE’s revenue for Q1 2024 reached KRW 360.92 billion (USD $271.57 million at the average exchange rate for Q1), a 12.1 YoY drop, according to the company’s latest earnings report, released on Thursday (May 2).
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