Bang Si-hyuk, the CEO and founder of HYBE, best known as the company behind K-pop juggernauts BTS, is stepping down form his role in order to focus on producing music.
On July 1, HYBE announced the change is part of a company-wide restructuring of the agency to “accelerate global operations,” according to a press statement, per Variety. The CEO position will be position will now be filled by Park Ji-won, the former global CEO of game publisher NEXON Korea.
However, Bang will remain as the chairman of HYBE’s board of directors, where he will still help to steer the company’s core decisions. In addition, Bang, who also helped to write and produced several of BTS’ hit songs, will also have a larger focus on music production. He originally rose to fame in the early-2000s as an in-demand producer, through which he earned the nickname “Hitman”.
In its statement, the company also announced that HYBE America will be co-run by CEOs Lenzo Yoon and Scooter Braun. In its statement the company noted that “Yoon will take the lead on localizing the K-pop business model in the U.S. music industry”.
On the other hand, Braun will lead the company’s business operations in the American in order to “establish a solid foothold and enhance competitiveness for HYBE”. Braun, whose company Ithaca Holdings was acquired by HYBE earlier this year, will continue his role at Ithaca as well.
In other BTS news, the group’s new track ‘Permission To Dance’, co-written by Ed Sheeran, is set to drop on July 9. The song will be released as part of the group’s physical CD for their chart-topping single, ‘Butter’.
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