Bang Si-hyuk No Longer CEO of BTS’ Label HYBE, Who Is Stepping In His Mega Shoes?

Bang Si-hyuk, the CEO and Chairman behind the Grammy nominated artists BTS, stepped down as the Chief Executive Officer of the group’s agency-label HYBE recently. Bang Si-hyuk is a lyricist, composer, producer, and record executive, He is also the founder of Big Hit Music (formerly Big Hit Entertainment) and Hybe Corporation and chairman of the latter.

Bang Si-hyuk with BTS

Bang’s resignation from the HYBE CEO position was announced as part of a company-wide restructuring of the agency, formerly known as Big Hit Entertainment. Bang was succeeded by Park Ji-won, head of HYBE’s headquarter operations and management.

New CEO Jiwon Park joined HYBE just last May, after roles as the global COO of game publisher NEXON Japan and CEO of NEXON Korea.  Park will focus on “systematizing the broader organization in line with the company’s rapid growth,” as well as oversee strategy and operations

HYBE announced that Bang will retain his role as chairman of the company’s board and continue with his music production responsibilities.

Known professionally as “Hitman” Bang, he is credited with leading HYBE which was founded in 2005 as Big Hit Entertainment to the global entertainment powerhouse thanks to BTS’ massive success and explosion in the misic Industry. Bang wrote songs that were hits for such artists as g.o.d., Park Ji-yoon, Rain, Wonder Girls and others

Bang Si-hyuk with BTS

I, but more as a good leader,” he said. “There are certain qualities that a manager should have, whether it’s a drive, or maybe an aggression, but I am fundamentally an artist, and I am not too results- or performance-oriented. ‘Why are we doing this? ‘and ‘What are we doing?’ are questions I ask, and I think this is reflected in our mission statement, ‘Music and artist for healing” Bang Si-hyuk, Variety Magazine

In 2005, Bang left JYP Entertainment and founded his own company, Big Hit Entertainment, where he continued to write, compose and produce for Big Hit artists—he co-wrote six songs on BTS’ critically acclaimed Wings (2016) album.

The success of Wings garnered Bang the Best Producer Award at the Mnet Asian Music Awards and the Songwriter Award at the Melon Music Awards that year. In June 2018, he was named one of Variety’s International Music Leaders due to BTS’ achievements

In April 2019, Bloomberg estimated Bang’s worth to be about $770 million. The BigHit IPO filed in October 2020 was the largest seen in South Korea in three years and skyrocketed Bang’s net worth to $2.8 billion, making him the only billionaire in South Korea’s entertainment industry and the sixth-richest person in the country.

The success of the IPO, together with the commercial success of BTS that year, Bang’s stepped into diversification with apps like Weverse, and acquisitions of companies like Source Music and Pledis Entertainment among others, landed him on the 2020 edition of Variety’s Variety500, an annual index of the 500 most influential business leaders in the global media industry.

In 2017, Bang was asked if Big Hit would make as much money with BTS as artists like Taylor Swift and Beyonce.

Yes,” he said. “Only if I make the right moves”

In June 2021, Forbes Asia published its annual list of Korea’s 50 Richest People. One of only two newcomers to the ranking, Bang was listed as the 16th richest person in South Korea, with an estimated net worth of $2.7 billion. Source

With such amazing, outstanding accolades and exprerience it is only roght that the next CEO be someone that Bang Si-hyuk trusts and it is probable that the new CEO will be competent, innovative, business minded, yet people oriented and have a sense of family in the running of the business that is HYBE Corporation.

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