110413 SM Entertainment's CEO Lee Soo Man Resigns

    Jessica Jung (제시카)

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    110413 SM Entertainment's CEO Lee Soo Man Resigns

    Post by Jessica Jung (제시카) on 2011-04-13, 03:16

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    Lee Soo Man, the CEO and founder of SM Entertainment has announced that he will resign from the company, and with his departure comes the termination of all ties with the major Japanese entertainment agency, AVEX.

    It has just recently been announced that the CEO and founder of SM Entertainment, Lee Soo Man, will resign from the company and that AVEX Entertainment has sold off all shares of SM Entertainment.

    SM Entertainment was founded by Lee Soo Man on February 14, 1995 and throughout the years has been responsible for producing artists such as BoA, S.E.S., SNSD, TRAX, Super Junior, SHINee, Lee Yeon Hee, Shinhwa, Jang Ri In, TVXQ, and H.O.T. amongst many other critically successful idols. In recent times, SME artists have been gaining popularity not only throughout Asia, but internationally as well.

    According to SME, Lee is resigning so that the company can focus on investments and business development overseas. Despite the fact that Lee will no longer be engaged in business activities, will maintain his position as the major shareholder. Although no further details have been released, it has been reported that SME will have a new president, and will sever all ties with Japan's AVEX, forcing them to sell their stocks, which will go to Lee, making him the owner of nearly 30% of SME's stocks.

    Japan's AVEX Entertainment, one of the largest entertainment agencies in Japan, haas been responsible for the Japanese promotions of artists such as BoA, TVXQ, Ahyoome, and CSJH, all of which are major contributors to the sales of both companies.

    No word has been given regarding China and the United States, where conducted business through SME, but fans should rest assured as representatives of the company have stated that they will be doing everything in their power to enable a smooth transition as the company changes management.

    Source: SPN, E Daily,
    Credit: kpoplive Tip: keeche@key_dee_c@yahoo.com,
    Image: Newsen
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