YG Entertainment shareholders held an emergency meeting on March 22 at 9:30 am to hold a vote of confidence on Yang Min Suk. During this meeting, which lasted 15 minutes, they determined that Yang Min Suk was fit to remain in his leadership position. Yang Min Suk will remain the CEO of YG Entertainment.
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.
Prior to the shareholders’ meeting, Yang Min Suk met with reporters and shared his thoughts on the scandal, and what he planned to do to help the shareholders regain the value they lost due to the scandal.
YG Entertainment’s shareholders decided to hold the meeting due to the huge backlash the company has received in the past months. YG Entertainment’s stock values have fallen 30%, the National Pension Service is asking YG Entertainment how they will recuperate the value lost, and the National Tax Service is currently conducting a special investigation on the company’s accounting practices.