Founder Yang Hyun-suk and CEO Yang Min-suk resign from YG Entertainment
Earlier today, Yang Hyun-suk announced that he has stepped down from positions he held within YG Entertainment. As the original founder of YG Entertainment in 1996, Yang Hyun-suk brought an end to his 23 years working in the company.
His brother, the longtime CEO Yang Min-suk, also resigned from his position soon after.
Their resignations take place amidst the controversies that have plagued the company. This includes B.I’s recent drug scandal and Seungri’s tumultous Burning Sun controversy earlier this year, as well as the possibility of Yang Hyun-suk’s own involvement in these events.
Yang Hyun-suk and Yang Min-suk have each released statements expressing their apologies and shame in regard to the issues that have unfolded. They ultimately decided to step down, believing that a change is needed within the company and hoping that the difficulties YG Entertainment and its artists are facing will be overcome.
In addition to holding positions within YG Entertainment, Yang Hyun-suk and Yang Min-suk are major shareholders in the company, according to its shareholder composition. Yang Hyun-suk is the top shareholder with 16.12% equity stake, while Yang Min-suk holds 3.31%.
Since B.I’s drug scandal was announced, YG Entertainment’s stocks have periodically dropped; as of June 14, its stock prices reportedly fell 5.60% from the previous day, marking yet another decrease.