On June 14, the CEO shared the news with the company’s internal staff through an official letter.
The statement reads as follows:
To YG Family:
To all those who have all been putting in effort in this recent environment, I would like to express my apologies as well as my thanks.
I am deeply ashamed of myself [when I think of] everyone feeling uneasy and worried due to all of the continuous and provocative issues that have been happening from the beginning of the year.
Yang Hyun Suk and I have immersed ourselves in music activities and management, and have silently endured all of the speculations because we believe that the truth will surely come to light. However, as I’ve watched different situations continuously give the celebrities, who are unrelated to the recent issues, in our agency a hard time, I’ve realized that it is hard to overcome by just enduring.
In order for [the company] to solve these current difficulties, grow, and prepare for a new breakthrough, I believe a big change is needed. And in order for there to be no misunderstandings regarding Yang Hyun Suk’s decision to step down, I think there needs to be a clarification on my part. After careful consideration in the midst of these situations, I have decided to resign from my long-held position of CEO at YG Entertainment.
A while ago, during the commemoration for the 23rd anniversary of establishing [YG Entertainment], I shared with you that above all, we ourselves must first change in order to overcome the current difficulties. I sincerely hope that my decision will be the start of a big, new, and positive change for YG.
Source: Naver via Soompi