Park Ji Won is reportedly stepping down as the CEO of HYBE.

According to reports on July 24, Park Ji Won expressed his desire to resign as CEO of HYBE after 4 years. He joined the label in May of 2020 and began his term as CEO in 2021, succeeding current chairman Bang Si Hyuk. 

An insider stated, "From what I understand, Park Ji Won shared his position that he'd like to retire after recently completing his project to attract outside investment for one of HYBE's affiliates."

Park Ji Won is known for leading HYBE, previously called Big Hit Entertainment, to go public on the Korea Exchange in 2020 and buying the American entertainment company Ithaca Holdings in 2021. His resignation follows a number of conflicts with HYBE affiliates involving ADOR CEO Min Hee Jin as well as other subsidiaries like Source Music and BELIFT LAB.

The conflicts began when HYBE started up an internal audit against Min Hee Jin and ADOR executives for allegedly attempting to get a third-party investor involved in the company. 

Stay tuned for updates. 

SEE ALSO: What is Chuseok? A detailed explanation of Korean Thanksgiving 'Chuseok' (2024)