Yang Min-suk was re-elected as the CEO of YG Entertainment.
YG Entertainment held a general meeting of shareholders at the Grand Hall of the Holt Children’s Welfare Hall in Hapjeong-dong, Mapo-gu, Seoul on May 22, and voted for the reelection of Yang Min-suk as an in-house director.
It was also decided during the meeting that Choi Sung Joon, YG Entertainment’s head of business planning would become a new executive director while Tang Xiaoming, chairman of Shanghai Fengying Business Consultant Partnership Ltd., would become an non-executive director. ENCAST vice president Jo Young Bong was also appointed a non-executive director.
On the day of the meeting, the shareholder’s share price plummeted due to the controversy of the club’s “Burning Sun” and a special tax investigation was conducted on YG Entertainment.
“We hope that we will be able to clarify the facts more clearly through this investigation,” Yang said in relation to the ongoing investigation into various allegations including the recent Burning Sun incident prior of the shareholders’ meeting.
“We hope that we will have an opportunity to discuss our further position and future plans at this opportunity once comprehensive results are available.”