SM Entertainment has issued an additional statement on the matter of Lee Soo Man's producer contract termination. 

Previously on September 15, it was reported that SM Entertainment was currently considering the termination of Lee Soo Man's producer contract, more than 25 years after the singer formally established the agency in 1995. 

Now, on September 16, the label has stepped up to address various speculations surrounding the ordeal. SM Entertainment revealed,

"We have observed various rumors and speculations surrounding the termination of head producer Lee Soo Man's contract termination consideration, which was reported on September 15, and so we would like to issue an additional statement of clarification.

For the past several years now, Lee Soo Man has wished to terminate his producer contract and step down from his position as head producer. However, out of concerns over the necessity of thorough and systematic preparations for the promotion of the company's existing rookie teams and new teams currently awaiting their debut, SM Entertainment has continuously requested that Lee Soo Man remain in his role until such groups rise to stable positions in the industry.

Now, with the end of 2022 nearing and with it, the gradual decline of the panic caused by the global pandemic, Lee Soo Man has relayed that he believes the current lineup of artists at SM Entertainment are perfectly well equipped to resume active promotions in the global music market. The company's annual profits from album and digital sales are rising exponentially, and the producing system that [Lee Soo Man] has established and facilitated for the past 25 years is under strong management, and [Lee Soo Man] is certain that his talented hoobae producers at the agency are capable of carrying on the growth and prosperity of SM Entertainment. On top of that, some shareholders at SM Entertainment have expressed their demands for Lee Soo Man to step down from his role, and producer Lee would like to humbly answer those demands.

Producer Lee emphasized that now is the appropriate time for his producer contract to be terminated, and in his absence, he asks that the company's board of directors draw up a plan for guaranteeing the future of SM Entertainment 50 years from now, with ambitious goals to raise the status of SM Entertainment to that of a global music and entertainment business.

It was only through Lee Soo Man, the very foundation of SM Entertainment, and his creative producing that this company was able to produce the sales and profits it has up to date. Producer Lee's work was the driving force of this company's growth. Furthermore, through his constantly evolving vision, fusing new advancements in music with the most innovative technology of the time, producer Lee played a key role in maintaining SM Entertainment's position as the leading company in the area of entertainment. 

As such, the company intends on evaluating producer Lee's contract termination request thoroughly with all company affiliates before coming to a final decision."