Scooter Braun Steps Down from His Position at HYBE Korea

Scooter Braun has announced he will resign as CEO of HYBE America. Braun will transition to an executive advisory role within the company. The news came on Tuesday, marking the end of an era for the influential entrepreneur and executive.

However, Scooter Braun will continue to serve as a director on HYBE’s board of directors. He will also be a senior advisor to HYBE’s CEO, Jason Jaesang Lee, and Chairman Bang Si-Hyuk. Isaac Lee will take the role of CEO of HYBE America.

Braun’s decision to step down comes after a period of immense growth for HYBE. In a statement, Braun expressed his pride in being part of HYBE’s evolution.

“Being a part of HYBE and witnessing its remarkable growth has been one of the most inspiring chapters of my professional journey,” Braun said. “Chairman Bang is a true visionary and a musical genius. What he has built with HYBE is unparalleled.”

HYBE’s Chairman, Bang Si-Hyuk, praised Braun’s tenure, acknowledging his crucial role in expanding into the U.S. market. “Scooter has been an extraordinary partner, a visionary executive, and a true catalyst for cultural exchange,” said Bang.

Scooter Braun and Extending the Reach of HYBE

So, during Braun’s leadership, HYBE made significant strides, acquiring the Atlanta-based hip-hop major player Quality Control. The deal cost $320 million and brought artists like Lil Baby, Lil Yachty, and Migos into the fold. Braun also spearheaded a distribution deal with Jermaine Dupri’s So So Def label. Also, Scooter Braun orchestrated the sale of Big Machine’s rock division earlier this year. His Ithaca Holdings included properties like SB Projects and high-profile clients such as Justin Bieber, Ariana Grande, and Demi Lovato. The deal merged with HYBE in April 2021, solidifying the company’s American presence. Braun remained at the helm of HYBE America, serving initially as co-CEO with Lenzo Yoon. Thus, it took place before taking on the role as sole CEO in January 2023.

While Braun’s leadership at HYBE saw impressive growth, his tenure was not without controversy. He became the target of Taylor Swift’s scorn in 2018 when he acquired Big Machine Label Group. The group owned the rights to Swift’s early albums. The dispute centered on Braun’s handling of the catalog, which significantly impacted his public image. He eventually sold the rights to Swift’s catalog for a significant profit. Scooter Braun later parted ways with Bieber, further complicating his reputation.

HYBE and Legal Difficulties

Meanwhile, HYBE has faced its own challenges in recent months. In May, prosecutors raided the company’s Seoul headquarters amid allegations of insider trading by a former executive. Therefore, this person is accused of being able to gain from stock trades with insider information. Another heavy news came out in December with reports of financial improprieties alleged against Chairman Bang Si-Hyuk. He was being investigated by the financial services supervisors in Korea for misleading the investors before the public offering of HYBE in 2020.

Despite these miscondacts, HYBE has continued its global expansion. The company focused on growing its presence in Latin America and the United States. HYBE’s future remains centered on its diverse roster of artists and its ongoing efforts to solidify its place at the forefront of the global music industry.