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Posted by Sophie-Ha Friday, February 17, 2023

Lee Sung Soo releases a second statement addressing HYBE and Lee Soo Man + announces his intention to step down from his position as CEO of SM Entertainment

AKP STAFF

SM Entertainment's CEO, Lee Sung Soo, announced that he would resign from the positions of CEO and registered director.

On February 17, Lee Sung Soo released a second statement following his first. In this second video, Lee Sung Soo raised his voice against HYBE, demanding that the label admits their hostile takeover and requested that his uncle Lee Soo Man self-reflect, turning away from his wrongful ways.

Lee Sung Soo emphasized that HYBE's move to take over the shares from Lee Soo Man, becoming the largest shareholder of SM Entertainment, is a hostile M&A. He cited that HYBE purchased the shares from Lee Soo Man, becoming the largest shareholder, and conducted a tender offer without the consultation of SM's board of directors and management.

In particular, CEO Lee Sung Soo pointed out that HYBE recommended 7 registered directors, including 3 HYBE insiders, as SM internal director candidates as a shareholder proposal through Lee Soo Man on February 15. The seven-person list released through the documentation on February 16 was composed of working-level staff. It omitted HYBE chairman Bang Si Hyuk and ADOR CEO Min Hee Jin, who were previously mentioned as candidates. Regarding this, CEO Lee Sung Soo shared, "They proudly announced that they would respect SM's brand and IP and did not include creators and producers of director level with experience in the entertainment industry."


He continued, "SM has never asked for help from HYBE. Right now, HYBE is Lee Soo Man's savior and not SM's. Please stop the hostile M&A that is currently underway so that Korea's K-pop doesn't go down the path of monopolization."


The CEO also sent a message to Lee Soo Man saying, "Please stop the obsession and the greed now." He stressed, "SM is a company that you (Lee Soo Man), all the artists and all of our employees have dreamed of and created together. It is not your private company."

Lee Sung Soo continued to convey to Lee Soo Man that this was the only way to save the company and himself. He stated, "Sunsaengnim (Teacher Lee Soo Man). Please stop now. It is now time for you and me to kneel in front of everyone and apologize. Please understand that as your disciple, this is my only way to save you from 'the valley of hell.' I pray that you are able to practice the phrase you always stated 'Be humble, be kind, be the love.'"


Lee Sung Soo promised to give his best effort to leave SM Entertainment to the artists, fans, and shareholders. He concluded his final statement by saying, "At the end of the regular shareholders' meeting in March, I will resign from the positions of CEO and registered director, and I will serve as a common employee of the company. If all the board members allow me, I will go back to my main job in the music department, and work hard for SM once again."

  1. Lee Soo Man
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MrsQueen
MrsQueen6,878 pts Friday, February 17, 2023 10
Friday, February 17, 2023

It’s LSM personal shares.. to whom he wants to sell then it’s up to him. How on Earth it’s become a hostile take over? You were the one who started the hostile take over, and you are being countersniped by your uncle, that’s it…😅😅😅😅😅

Good, you can resign, the board can be restructured. The company can rebuild and rebrand, SM artists can continue their job without being sabotaged by you or your staffs, and you can peacefully fight your uncle at home. Life goes on!

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LoonaHamburgers
LoonaHamburgers835 pts Friday, February 17, 2023 3
Friday, February 17, 2023

Hahaha i bet shareholders forced him to resign
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