The currently embattled YG has announced that he will step down from his positions at YG Entertainment.
This is Yang Hyun Suk. I am so sorry to the fans who love YG and our agency celebrities. I am also sincerely apologetic to all of our employees who are silently continuing to do their work throughout the downpour of criticism. I have been patiently tolerating words about the current situation that are too disgraceful and humiliating to mention as they have been told indiscriminately as though they are the truth. However, I think it’s too difficult now. I think that there can no longer be a situation where YG, our agency celebrities, and fans are experiencing harm due to me. For 23 years, I have dedicated half my life and everything to growing YG. The work of supporting the best music and the best artists was the greatest happiness for me. I have thought that this is the only ability I can contribute to fans and society. However, I will step down from all of my positions and work at YG starting today. I sincerely hope that there is no further harm to the YG agency celebrities I love, and to the fans who love them, because of me. Currently, there are many experts at YG who have more capabilities and sense than me. I think that my stepping down will be a good opportunity for them to exhibit their abilities better. It is my sincere wish that YG can stabilize as soon as possible. Lastly, I believe that the truth of the current media reports and malicious gossip will be revealed through investigations. Thank you.
Notably he continues to deny wrongdoing.
Despite this move,his brother is still in charge at YGE and he didn’t say anything about selling his shares. Regardless, if he wants something done, surely it will be. He just may not be the face of the company anymore.
Despite his official departure, Yang is still the largest shareholder of YG with 16.12 percent stake, while his younger brother and CEO Yang Min-suk owns 3.31 percent.— KpopHerald (@Kpop_Herald) June 14, 2019
YG is facing allegations of tax evasion, mediating prostitution for investors, and now tampering with a witness to cover up a crime. YGE has recently had Seungri retire due to his involvement in the Burning Sun scandal and terminated BI’s contract due to his involvement in a drug case.
His brother Yang Min Suk has now stepped down as CEO.
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. Thank you.
Guess the shareholders were worried, after all.