Tuesday, 30 May 2023

When SM Entertainment Appoints New Management, Founder Lee Turns to the Future

In a press release released in advance of the company’s regular shareholders meeting here, where new management was appointed, Lee Soo-man, the company’s founder and previous chief producer, declared that he was moving towards the future.

SM Entertainment, which bears my name, is entering a new period today, he declared in a press release distributed to media ahead of the meeting, which took place at the company’s headquarters in Seoul.

A New Management

Despite numerous criticisms of his vision, he claimed that he was “moving towards the future” and that K-pop “needs to evolve into global music.” He also emphasized the value of fusing music and technology to create a more sustainable world.

Before he got into disagreements with the company’s management over different issues, Lee, known as the “godfather of K-pop,” had a major impact on managing and training the company’s K-pop artists, including Super Junior, Girls’ Generation, SHINee, Red Velvet, EXO, NCT, and Vespa.

  • Lee Soo-man, the company’s founder declared that he was moving toward the future.
  • Lee, had a major impact on managing and training the company’s K-pop artists.
  • The current administration appointed the candidates they had chosen.

In February, after the management revealed new business strategies and severed ties with the founder, he sold his 14.8 percent stake in SM to Hybe, the K-pop group behind BTS.

In the statement, Lee claimed he struck the deal because he and Bang Si-hyuk, the company’s chairman, had similar beliefs about fusing music and sustainability.

Hybe eventually withdrew its bid after a protracted struggle with tech giant Kakao Corp. to gain control of SM, allowing Kakao to surpass Hybe as the company‘s biggest shareholder and further develop its entertainment business.

The candidates for the next management team put forth by both Hybe and SM’s present management were anticipated to face off fiercely during the shareholder’s meeting. Hybe withdrew from the competition, but the current administration appointed the candidates they had chosen.

SM announced that its new inside directors are CFO Jang Cheol-hyuk, the head of the marketing center Kim Ji-won, and the head of the global business center Choi Jung-min.

A number of production centers and labels will be established as part of the company’s “SM 3.0” future strategies, the company stated.

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