Lee Soo Man Submits List Of Directors From HYBE That Will Be Proposed To Join SM Entertainment — But There’s A Plot Twist
It was previously reported that some of the higher-ups at HYBE would be offered directorial positions at SM Entertainment following the buy-out of Lee Soo Man‘s shares. Earlier, HYBE’s founder, Bang Si Hyuk, stepped in to buy up Lee Soo Man’s shares in the company, aiding Lee Soo Man in his feud with SM Entertainment. At that point, media outlets reported that ADOR‘s Min Hee Jin and Bang Si Hyuk would likely be on the list of directors.
On February 16, 2023, it was reported by Korean media outlets that Lee Soo Man had just submitted a list containing candidates for seven directors and an auditor. The proposed list would allow HYBE executives to join the management of SM Entertainment. With SM Entertainment’s shareholders meeting in March, it was imperative that the list was submitted as soon as possible.
HYBE’s proposed list of internal directors include the COO of HYBE America, Lee Jae Sang, as well as HYBE’s CLO, Jung Jin Soo, and HYBE’s Business Management Lead, Lee Jin Hwa. The list was submitted by Lee Soo Man on their behalf, as HYBE does not have rights in the upcoming meeting, given that they only purchased the shares after this round’s shareholders list was finalized.
Min Hee Jin and Bang Si Hyuk were reportedly not in the list of proposed directors. Although HYBE had thought about putting both in due to their deep experience in leading K-Pop, they decided against it ultimately. HYBE’s priority is “the insulation of Lee Soo Man,” not wanting the reason for the acquisition to appear as if it was solely to save Lee Soo Man. They also considered the negative opinions of SM Entertainment producing staff.
It is considered that HYBE’s decision to fill the directorial positions with working-level officials instead is a show of respect towards SM Ver.03 and to maintain SM Entertainment’s autonomy and legacy.
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