SM CEO Lee Sung Soo, “I’ll resign after the shareholders’ meeting… Teacher Lee Soo Man, let’s ask for forgiveness from everyone”
SM Entertainment CEO Lee Sung Soo issued the second statement and announced his resignation.
On February 17th, CEO Lee Sung Soo uploaded a new Youtube video titled, “SM Entertainment CEO Lee Sung Soo’s Statement_Part 2”.
Lee Sung Soo claimed that former executive producer Lee Soo Man and HYBE are attempting hostile M&A.
He said, “HYBE made a shareholder proposal through Lee Soo Man. They proudly announced that they would respect SM’s brand and IP, and that they would not include creators and producers with entertainment experience as candidates for directors”.
CEO Lee said, “Thank you so much for your concern. However, the fact that you recommend 7 directors while saying you would support SM’s independent management seems to be the intention of erasing SM and turning SM into a subsidiary of HYBE”, adding “I hope you can trust and respect us as a competitor and colleague with a good intention to spread K-pop’s good influence around the world. I really doubt whether a K-pop industry with only one big company HYBE is really a future for all of us.”
He emphasized, “Admit that you are holding hands with Lee Soo Man to make hostile M&A”, adding “SM has never asked HYBE for help”.
“Currently, HYBE is Lee Soo Man’s savior, not SM’s savior. I believe that culture cannot and should not be monopolized. Respect for diversity is the fundamental spirit of the cultural industry”, CEO Lee Sung Soo added and emphasized, “I will do everything in my power to block the attempt to acquire SM, which is opposed by SM members.”
Previously, Lee Soo Man mentioned Lee Sung Soo, saying, “He’s the nephew of my late wife, who I have seen since he was four years old. He has been with me since joining my company at the age of 20. He is a good man who grew up in a Christian family where his father is a pastor.” The SM founder also claimed that his heart hurts after Lee Sung Soo’s video, adding that, “I couldn’t properly keep the will of his aunt, who passed away earlier.“
In response, Lee Sung Soo replied, “As ‘teacher’ said yesterday, I, the son of a pastoral father whom I sincerely respect, who grew up in a not-rich but happy Christian family, a ‘kind’ person, now think I have to stop teacher’s actions for a while.”
Lee Sung Soo then addressed Lee Soo Man, saying, “Now, kneel down with me and ask for forgiveness from everyone. Come out of the dark place, escape from the crowd of eunuchs, go through your wilderness, restore your home, and practice the ‘Be Humble, Be Kind, Be the Love’ you always advocated for the rest of your life. I will pray for you.”
Lastly, CEO Lee said, “I reflect on my past for not fulfilling my duties faithfully as the CEO of a listed company.”
“After the regular shareholders’ meeting in March, I will resign from the position of CEO and registered director, and I will do my best. All members, if they permit me, I will return to my main job, the music part, and work hard for SM once again”, he concluded.