YG Entertainment, the prestigious Korean music company known for powerhouse acts like BLACKPINK and BABYMONSTER, has announced a significant change in leadership. Yang Min-seok, the younger brother of former CEO and company founder Yang Hyun-sun, has been appointed as the sole CEO. This decision comes after the annual shareholder meeting on Friday, where Yang Min-seok took over the reins from the previous co-CEO, Hwang Bo-kyung.
Yang Min-seok steps into his new role at a time when YG Entertainment is experiencing remarkable success. With a surge in revenue and the global phenomenon that is BLACKPINK, the company’s annual sales soared by 65% last year to 569.2 billion won ($429.9 million). BLACKPINK’s album, “Born Pink”, topped the Billboard 200 chart and embarked on a successful world tour that culminated in two sold-out shows in Seoul, South Korea.
In addition to the change in leadership, three new outside directors were appointed at the meeting: Park Jeong-mi, Jeon Seong-won, and Lee Dong-woo. These appointments bring diverse expertise to the company, ranging from accounting and law to investment strategy. Co-CEO Hwang was also reappointed as an executive director, ensuring continuity within the leadership team.
Moreover, YG Entertainment’s shareholders approved a dividend of 300 won (23 cents) per share, totaling 5.56 billion won ($4.2 million). The company’s impressive financial performance in 2023 saw a 46% increase in net income compared to the previous year.
This leadership reshuffle at YG Entertainment marks a new chapter for the company as it continues to make waves in the music industry with its talent and Business success. Stay tuned for more updates on YG Entertainment’s future endeavors.
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