Yang Hyun Suk‘s brother Yang Min Suk has resumed his post as CEO of YG Entertainment after resigning in June 2019.
According to a statement provided by YG Entertainment to media outlet MoneyToday, Yang Min Suk has been reinstated as one of the CEOs of YG Entertainment. Current YG Entertainment CEO Hwang Bo Kyung will also remain as CEO, and the two will now become co-CEOs. This move comes three years after Yang Min Suk resigned as CEO of the company due to various scandals that were surrounding the company at the time.
During Hwang Bo Kyung’s time as the sole CEO, she laid the foundation for YG Entertainment moving forward, keeping the company moving along with activities for BLACKPINK, BIGBANG, AKMU, iKON, WINNER, and TREASURE throughout the COVID-19 pandemic. YG PLUS, YG Entertainment’s in house music distribution and merchandising company, recorded record-high sales in 2021 with sales of ₩154 billion KRW (about $120 million USD) and an operating profit of ₩22.6 billion KRW (about $17.6 million USD).
Yang Min Suk’s return as CEO is meaningful due to the fact that his company’s artists are returning to offline activities. BLACKPINK is reportedly planning a large-scale world tour in the fourth quarter (October-December) after the release of their new album in the third quarter (July-September). iKON and TREASURE are both also reportedly preparing tours in Japan.
Co-CEO Yang Min Suk will strive to strengthen YG Entertainment’s competitiveness by promoting steady activities of our artists and further strengthening cooperation with our global partners.
We expect positive results by focusing on a sustainable development curve for the company and increasing our corporate value by adding strong future growth mechanisms such as our IP and platform businesses.
— YG Entertainment