On March 31 KST, the general board meeting of shareholders at SM Entertainment took place at Tower D of Acro Seoul Forest, presided by outgoing co-CEO Lee Sung Soo.

On this day, in front of key shareholders, Lee Sung Soo introduced the three executive director candidates backed by the current board of directors at SM Entertainment - Jang Chul Hyuk, CFO of SM Entertainment; Kim Ji Won, Chief of Marketing; and Choi Jung Min, Chief of SM Global Business. Two external director candidates, Lee Chang Hwan of Align Partners and Jang Yoon Joong, Vice President of Kakao's Global Strategy, were also in attendance. 

All current executive directors, including co-CEOs Lee Sung Soo and Tak Young Joon, will be stepping down from their positions as of March 31. A new board will be instated based on the final results of the general vote. 

Meanwhile, SM Entertainment's founder and former head producer, Lee Soo Man, was not in attendance at this general meeting, despite still holding approximately 3.8% of the company's shares. 

In fact, in a statement dedicated to news reporters on March 31, Lee Soo Man shared his thoughts on parting ways with SM Entertainment. 

"The curtains have closed down on one of many eras today at SM Entertainment, a company founded with my name as its initials. 

I cannot say that I do not have my own opinions on the matter, but I believe that recalling the lyrics of a song I once sang as a musician, 'Happiness', will accurately reflect these developments and my feelings toward them.

All the things that I love and hate, I close my eyes and turn away from them, considering those gone days my poverty, I dream of happiness once again today. 

I am eternally dreaming. KWANGYA was my new dream. I am aware that there are those who distort this dream of mine into something malicious, and those who laugh upon this dream. Yet, as I have always done, I move forward toward the future. The time has come when K-Pop must surpass its own limits and evolve into music which can become one with the world. 

The point at which music becomes one with the world must be the point where music meets technology, and the goal of this is fundamentally music's contribution to creating a sustainable world. The reason I was able to come to such a decision as I sold my shares to chairman Bang Si Hyuk of HYBE was also because I knew that we shared the same vision when it came to advancing music toward a sustainable world. 

I am currently overseas. I am immersed in the world of global music. 

While I patiently await the day that reporters from around the world, global artists, and I come together and launch a joyous festival for the future, I would like to take this opportunity to once again deliver my gratitude to you reporters for your hard work and efforts.

Thank you,

Lee Soo Man."