YG Entertainment, home of K-pop groups BLACKPINK and BABYMONSTER, has Yang Min-seokthe young brother of the company's former CEO and founder Yang Hyun-Sun, as sole CEO. The company announced the appointment after its annual shareholder meeting on Friday (March 29). Yang previously shared co-CEO duties Hwang Bo-kyungwho was appointed CEO in 2019 after Yang Hyun-sun, formerly of Seo Taiji and Boys, resigned amid allegations that he covered up a drug scandal.
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Yang Min-seok takes the helm of a famous Korean music label with growing revenue and a bona fide superstar in BLACKPINK. Last year, YG Entertainment's annual sales rose 65 percent to 569.2 billion won ($429.9 million). BLACKPINK's album, Born Pink, reached No. 1 on the Billboard 200 on October 1, 2022 and spent 13 weeks on the chart. The group's 66-date Born Pink World Tour hit North America, Europe, Asia and Oceania before culminating with two shows at the 35,000-capacity Gocheok Sky Dome in Seoul, South Korea in September.
Three new external directors were also appointed at the meeting: Park Jeong-mi, Jeon Seong-won and Lee Dong Woo. Park is a certified public accountant and currently serves as a tax accountant at the Jeongan Tax Accounting Office. Jeon is a lawyer at the Kim & Chang law firm and former chief of the Bucheon branch of the Incheon District Prosecutor's Office. Lee is a consultant to H-Re Co. and former head of the investment strategy office at Netmarble, the country's largest mobile gaming company. The company also reappointed co-CEO Hwang as executive director.
Also at the meeting, YG Entertainment shareholders approved a dividend of 300 won (23 cents) per share that will pay out a total of 5.56 billion won ($4.2 million). In 2023, the company earned per share earnings of 4,120 won ($3.11) on net profit of 77 billion won ($58.1 million), up 46% from 2022.
