YG Entertainment's founder, head producer and CEO Yang Hyun Suk shared his official statement, announcing he will be stepping down from all positions at the agency.
On June 14, Yang Hyun Suk shared the announcement as well as his thoughts on the recent controversies surrounding YG Entertainment.
While denying the allegations, Yang Hyun Suk apologized to the agency staff members, artists, and their fans; and stated that his resign is to prevent further damage on the agency.
His full statement reads as follows:
This is Yang Hyun Suk.
I am sincerely apologetic to the fans who love YG and the agency artists.
I'm also sorry to all of our employees who have continued to work hard throughout the downpour of criticism.
I have been patiently tolerating shameless and humiliating words about the current situation being thoughtlessly spread as if it is the truth.
However, I don't think I can hold it any longer.
I thought that there must be no more situation where YG, our agency artists, and fans are experiencing harmful damage because of me.
I have devoted 23 years, half of my life raising YG.
Supporting the greatest music and the greatest artists was my biggest happiness, and I thought that was the only skill that I could provide to fans and the society.
However, I will step down from all of my positions and tasks from YG as of today.
I sincerely hope that there will be no more damage caused by me to the YG artists and everyone who has loved them.
YG currently has numerous professionals who are more capable than me.
I believe by stepping down, it will create a good opportunity for them to live up to their full potential.
Stabilizing YG's current situation as fast as possible is my sincere hope.
Finally, I believe that the truth of the recent media reports and malicious gossips will be revealed through future investigations. Thank you.
(Credit= YG Entertainment)