After Yang Hyun-suk announced he would step down from his positions and duties at his own agency, YG Entertainment, his brother followed suit.
Yang Min-suk, YG Entertainment’s CEO, has sent an email to employees of the company on June 14 to announce his resignation.
“After deliberation under this situation, I decided to resign as the CEO of YG Entertainment, which I have been holding for a long time,” he told employees.
The two brothers quit the company after K-pop boy band iKON’s leader B.I decided to leave the group following allegations related to illegal drugs back in 2016.
Yang Hyun-suk owns 16.12 percent of stocks of YG Entertainment, the biggest shareholder, while Yang Min-suk owns 3.31 percent.
In a company disclosure on June 14, it was announced that YG Entertainment will hold a board of directors meeting and extraordinary general meeting of shareholders to elect a new CEO to replace Yang Min-suk, who was re-appointed as CEO last March.
In his letter, Yang Min-suk said a big change is needed in the company to solve the current difficulties and create a breakthrough of growth.
“At the 23rd anniversary ceremony of the company’s founding, I have already told you that in order to overcome the present difficulties, we must change ourselves first. I hope that my decision will be the beginning of a big, new and positive change at YG,” he said.
YG Entertainment has been reeling from scandals. iKON’s B.I quit the boy band after being embroiled in allegations that he bought LSD from Han Seo-hee in 2016. The agency also terminated his exclusive contract.
Han Seo-hee was the person who smoked marijuana with Big Bang’s T.O.P in October 2016. In June 2017, the Seoul Central District Court sentenced her to three years in prison, four years of probation, 120 hours of drug treatment and a fine of 870,000 won (about P38,152).
In July 2017, the Seoul Central District Court convicted T.O.P for marijuana use and sentenced him to 10 months in prison suspended for two years.
Last March, Big Bang’s Seungri left the boy band and announced his retirement from the entertainment industry on allegations related to the Burning Sun club in Seoul.