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On March 29, 2024, the South Korean media outlet Newsen reported that YG Entertainment appointed an outsider as a chairman of the board of directors for better decision-making and supervising management's comprehensive business activities.
Established in 1996, YG Entertainment is a multinational entertainment agency founded by music executive and songwriter Yang Hyun-suk. It operates in several verticals, including talent agency, music production, event management, music publishing house, and record label. The agency is home to several prominent artists, such as BLACKPINK, TREASURE, WINNER, and the recently formed group BABYMONSTER.
YG Entertainment passed a resolution regarding a single CEO system to increase the efficiency of the decision-making process
On March 29, 2024, YG Entertainment held a general shareholder's meeting where they appointed Kim Dong-hyun (outsider) as the new chairman of the board of directors. He specializes in management and has a lot of experience. He served as Vice President of Uniquest and CEO of Magnatec. Since last year, he has served as an outside director for the record company (2023).
Apart from Kim Dong-hyun, three additional outside directors were appointed specializing in accounting, legal affairs, and investment. YG Entertainment intends to secure the variety and expertise needed for the board of directors through the experts.
A resolution supporting a single CEO system was also passed by the board of directors, which would result in the reorganization under the single CEO/Chairman, Yang Min-seok. The new system will increase the efficiency and speed of decision-making. The current CEO, Yang Min-seok, commented about the single CEO system to the media outlet and stated:
"This board's decision will play an important role in strengthening the company's innovation and global competitiveness."
Meanwhile, the new Chairman director, Kim Dong-hyun, shared a statement after joining the board of directors officially the outlet:
"We will supervise the management's overall business activities through independent board operation and establish a balanced governance system."
YG Entertainment renewed its exclusive group contract with its most famous group, BLACKPINK on December 2023. However, the group members, Jennie, Lisa, Jisoo, and, Rosé did not renew their individual contracts. Some members, including Lisa, Jennie, and Jisoo, have launched record labels such as LLOUD, Odd Atelier (OA), and BLISSOO, respectively. Meanwhile, Rosé will also launch her own agency.
YG Entertainment includes several sub-labels, including YGX Entertainment, YG Plus Inc, and Shining Star Culture.
YGX Entertainment merged with Seungri's DJ label NHR in May 2018. The agency launched a dance and vocal academy named X Academy, where the parent label discovers new artists among the trainees.
Phoenix Holdings, also known as YG Plus, is an advertising company and a publicly traded media. It involves music distribution, production, distribution, and licensing of the artist's merchandise. The sub-label faced a breakthrough when the HYBE Corporation and its subsidiary, Weverse Company, acquired 17.9% of a merchandising and distribution portion.
The agency's new girl group, BABYMONSTER, is currently the talk of the town. They will release their debut mini-album, BABYMONS7ER, on April 1, 2024. The album marks the official debut of Ahyeon, who had been absent from the previous activities of the group due to health issues. It features seven songs, with Sheesh as the leading track.
