HYBE CEO Park Ji Won rumored to resign after 4 year tenure amid ADOR row; label clarifies no official decision yet

HBYE’s CEO Park Ji Won will reportedly be stepping down from his position. The news has not been confirmed yet and details are still being discussed.

By Hrishita Das

Updated on Jul 24, 2024 | 03:40 PM IST | 159K

Park Ji Won: HYBE

HYBE has been making headlines for various aspects since the last few days and the latest news that has emerged can prove to have significant consequences. The current CEO of the multinational company, Park Ji Won, will reportedly be stepping down from his position. However, the news has received no confirmation from HYBE yet and the details are still being discussed.

Park Ji Won to step down as CEO, HYBE responds to rumors

On July 24, 2024, a South Korean media outlet, MTN, reported that Park Ji Won, the current CEO of HYBE, would be resigning from his position. The executive has worked with the company for 4 years and is rumored to step down from the CEO role soon. However, the news has not been confirmed by Park Ji Won yet and we await the news to be announced officially.

Moreover, HYBE has been asked about the speculations and they have given their official stance to both MTN and Joy News24 that nothing has been decided as of yet. The topic of Park Ji Won’s resignation from the position is still under discussion and they cannot provide elaborate details about the situation.

Park Ji Won's contribution to HYBE and shortcomings

Park Ji Won served as Nexon’s Global COO from 2018 until he left the company in 2020 to join HYBE. As CEO of Big Hit HQ, Park undertook the company's IPO, the name change, and the restructuring into a multi-label system. He is credited with contributing to the transformation and restructuring of the company’s business model, fitting for HYBE’s growth from an entertainment planning company to a major entertainment enterprise.

During his tenure, HYBE achieved remarkable growth with BTS's global market dominance and the rise of groups like NewJeans and LE SSERAFIM. However, there were also significant challenges, such as the attempted acquisition of SM Entertainment and the Min Hee Jin controversy.

The attempted acquisition of SM Entertainment, though ultimately unsuccessful, highlighted HYBE's ambitions to consolidate its position as a leading entertainment powerhouse. However, the intense competition and subsequent allegations of stock manipulation against Kakao introduced legal and reputational risks that the company continues to navigate.

The controversy involving Min Hee Jin further complicated the landscape. Accusations of breach of trust or betrayal towards HYBE intensified internal conflicts, putting additional pressure on Park's leadership.

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