YG Entertainment appointed an outsider Kim Dong-hyun as the chairman of the board of directors 

On March 29, 2024, Newsen, a South Korean media outlet, announced that YG Entertainment had selected an external candidate to serve as the chairman of the board of directors in order to improve decision-making and oversee the company’s overall business operations.

YG Entertainment, which was founded in 1996 by music executive and songwriter Yang Hyun-suk, is a multinational entertainment agency that encompasses various areas, such as talent management, music production, event planning, music publishing, and record label. The company is known for housing numerous renowned artists, including BLACKPINK, TREASURE, WINNER, and the newly formed group BABYMONSTER.

YG Entertainment Implements Single CEO System for Streamlined Decision-Making Process

On March 29, 2024, a general shareholder’s meeting was convened by YG Entertainment to announce the appointment of Kim Dong-hyun (outsider) as the new chairman of the board of directors. With a strong background in management and a wealth of experience, he previously held positions as Vice President of Uniquest and CEO of Magnatec. He has also been serving as an outside director for the record company since the previous year (2023).

In addition to Kim Dong-hyun, YG Entertainment has appointed three outside directors who specialize in accounting, legal affairs, and investment. This decision was made in order to ensure that the board of directors consists of a diverse group of experts with a range of skills and knowledge.

The board of directors also passed a resolution in favor of implementing a single CEO system, which would involve the reorganization of the company under the leadership of Yang Min-seok as the single CEO/Chairman. This new system is expected to improve decision-making efficiency and speed. In an interview with a media outlet, Yang Min-seok, the current CEO, expressed his thoughts on the single CEO system, saying:

“This board’s decision will play an important role in strengthening the company’s innovation and global competitiveness.”

Simultaneously, Kim Dong-hyun, the newly appointed Chairman of the board, released a statement upon officially joining the outlet’s board of directors.

“We will supervise the management’s overall business activities through independent board operation and establish a balanced governance system.”

YG Entertainment extended its exclusive group contract with BLACKPINK, their most renowned group, in December 2023. However, the individual contracts of the group members, Jennie, Lisa, Jisoo, and Rosé, were not renewed. Some members, like Lisa, Jennie, and Jisoo, have established their own record labels such as LLOUD, Odd Atelier (OA), and BLISSOO, respectively. In addition, Rosé will also be launching her own agency.

YG Entertainment comprises of multiple sub-labels, such as YGX Entertainment, YG Plus Inc, and Shining Star Culture.

In May 2018, Seungri’s DJ label NHR merged with YGX Entertainment. As part of this collaboration, the two companies launched X Academy, a dance and vocal academy that serves as a platform for discovering new artists among the trainees of the parent label.

Phoenix Holdings, also known as YG Plus, is a publicly traded media and advertising company. Its services include music distribution, production, distribution, and licensing of artist merchandise. The company received a significant boost when the HYBE Corporation and its subsidiary, Weverse Company, acquired a 17.9% stake in its merchandising and distribution division.

The talk of the town is currently the agency’s new girl group, BABYMONSTER. On April 1, 2024, they will make their debut with the mini-album BABYMONS7ER. This album will also mark the official debut of Ahyeon, who had previously been unable to participate in group activities due to health concerns. The album will consist of seven songs, with the leading track being Sheesh.