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YG Entertainment, which includes K-Pop groups BLACKPINK and BABYMONSTER, Yang Min Seokformer CEO and younger brother of the company's founder Yang Hyun Sung, as sole CEO. The company announced the appointment after its annual general meeting on Friday (March 29). Mr. Yang previously shared co-CEO duties. Hwang Bo Kyungwas appointed CEO in 2019 after former Seo Taiji & Boyz member Yang Hyun Sung resigned due to allegations of covering up a drug scandal.
Yang Min-seok will be at the helm of a Korean music company with rapidly increasing sales and fame as a bona fide superstar in BLACKPINK. Last year, YG Entertainment's annual revenue increased 65% to 569.2 billion won ($429.9 million). BLACKPINK album, bone pink, reached number one on the Billboard 200 on October 1, 2022, and remained on the chart for 13 weeks. The group's 66-date Born Pink World Tour toured North America, Europe, Asia and Oceania, culminating in September with two performances at the 35,000-capacity Gocheok Sky Dome in Seoul, South Korea.
Additionally, three new outside directors were appointed at the general meeting. Park Jung Mi, Jung Sung Won and Lee Dong Woo. Mr. Park is a certified public accountant and currently works as a tax accountant at Zenan Tax Accountant Office. Mr. Chung is a lawyer at Kim & Chang Law Office and former head of the Bucheon branch of the Incheon District Public Prosecutors Office. Mr. Lee is an advisor to H-Re Co., the country's largest mobile gaming company, and is the former head of the investment strategy office of Netmarble. The company also reappointed co-CEO Huang as managing director.
Also at the meeting, YG Entertainment shareholders approved a dividend of 300 won (23 cents) per share, for a total of 5.56 billion won ($4.2 million). In 2023, the company earned 4,120 won ($3.11) per share on net profit of 77 billion won ($58.1 million), up 46% from 2022.