Yang Hyun-suk, founder of K-pop powerhouse YG Entertainment has left the company.
The executive announced the news today (June 14) via a statement on the YG Entertainment website.
As reported by the Jakarta Post, and celeb news site Soompi, Yang Hyun-suk’s resignation follows accusations this week of threatening a witness in an alleged drugs use scandal surrounding iKON member B.I (Kim Han-bin), in addition to various other allegations this year, as reported by Billboard.
Writing in the statement, Hyun-suk said that he is “sincerely sorry to all of [YG’s] employees who are silently continuing to work throughout the downpour of criticism”.
“It is my sincere wish that YG can stabilize as soon as possible.”
He added: “There are many experts at YG who have more capabilities and sense than me.
“I think that my stepping down will be a good opportunity for them to exhibit their abilities better.
“It is my sincere wish that YG can stabilize as soon as possible.
Yang Hyun-suk founded YG Entertainment in 1996 and the company has worked with the likes of BLACKPINK, BIGBANG, 2NE1, and Psy.
Shortly after the news of Yang Hyun-suk’s resignation broke, his brother, YG Entertainment’s CEO Yang Min-suk also announced his resignation from the company.
You can read Yang Hyun-suk’s (translated) statement here.Music Business Worldwide