HYBE, the parent company of labels such as BTS, SEVENTEEN, and NewJeans, announced that CEO Park Ji-Won is stepping down after three years in the role.

HYBE has appointed Chief Strategy Officer (CSO) Lee Jae-Sang as the new CEO, effective July 24. The company plans to formally confirm his position through a shareholders' meeting and board resolution.

Lee Jae-Sang has been chosen to lead HYBE’s forthcoming "HYBE 2.0" strategy. The leadership transition project has been in progress since early this year.

Lee graduated from Yonsei University and has worked at global management consulting firm Monitor Group, Hyundai Motor Company, and Google before joining HYBE's predecessor, Big Hit Entertainment, in 2018.

Since then, he has served as Chief Innovation and Growth Officer (CIGO) at Big Hit Entertainment, CSO at HYBE, COO at HYBE America, and CEO of HYBE America, playing a crucial role in business strategy and investment.

Lee is credited with designing and establishing HYBE’s three core business strategy structures: "Label - Solution - Platform." He led major mergers and acquisitions (M&A) of prominent domestic labels and tech companies, as well as HYBE's initial public offering (IPO) process.

HYBE stated, "Lee Jae-Sang is an expert in the entertainment industry with extensive experience in both domestic and international business strategy and operations. He will help HYBE grow into a sophisticated entertainment lifestyle platform company based on music and technology."

Park Ji-Won, who has led HYBE for the past three years, decided to resign as CEO, believing that the company’s global expansion and new growth strategies should be driven by new leadership.

SEE ALSO: Park Ji Won to step down as CEO of HYBE