Yang Hyun Suk: “I’ve dedicated the last 23 years of my life to YG Entertainment. It was my biggest pleasure to support the best artists and music and the only gift I can give to society and fans. From today however, I’ve decided to step away from all responsibilities and positions at YG.
Yang continues: “I sincerely wish there is no further harm done to YG artists and their fans because of me. There are many great experts who are more talented than me, and by stepping away, I believe I can give them an opportunity to shine even brighter.”
Yang’s resignation comes after YG’s stock price has tumbled almost 30 percent since the Seungri scandal broke in January.
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.
Yang Hyun-suk, who founded YG Entertainment in 1996, is leaving one of South Korea’s biggest entertainment agencies amid mounting criticism over his handling of B.I‘s drug case.