In late June, Bang Si Hyuk—the composer, lyricist, producer, and record executive who founded Big Hit Music and HYBE Corporation—announced that he would step down from his current position as CEO.

His announcement sent shockwaves throughout the K-pop world, because fans and industry insiders alike were taken by surprise. But those within the company knew it was coming. After all, he had been working on a plan to accelerate global management through aggressive leadership. Handing the position of CEO over to someone else was part of that plan.

Park Ji Won will replace Bang Si Hyuk. He used to be the CEO of Nexon Korea, a game publisher, before he joined HYBE Corporation in 2020 as the company’s HQ CEO. He went on to play a big part in its rapid growth, which bodes well for his new position.

In a statement, HYBE Corporation said, “This restructuring comes as the result of wanting an overall change of leadership to better develop mid-to-long term business strategies to become a global company. With the goal of global leadership, we have reorganised the scope of authority and responsibility according to the expertise of each leader.”

HYBE America will be led by CEO Yoon Seok Joon, who will be asssisted by Scooter Braun. After acquiring the latter’s company Ithaca Holdings and partnering with the Universal Music Group, HYBE America will make a serious effort to expand its presence in the Western market, starting with a global audition project. This project will be a joint effort between HYBE America and the Universal Music Group.

Meanwhile, HYBE Japan will do the same thing for the Japanese market. Headed by CEO Han Hyuk Rok, the company is set to debut a rookie boy group soon.

Despite these changes, Bang Si Hyuk will still be involved in  management as the Chairman of HYBE Corporation. He will also retain his seat on the board, and when it comes to core projects, he will participate in decision-making. He’s just planning to shift his focus back to music.

Bang Si Hyuk debuted as a composer while he was still in college. In the mid-1990s, he formed a songwriting duo with Park Jin Young. After the latter founded his company JYP Entertainment, Bang Si Hyuk joined him there as an arranger, composer, and music producer.

While at JYP Entertainment, Bang Si Hyuk’s work with g.o.d (one of the best-selling boy groups in Korea during the early aughts) earned him the nickname “Hitman.” He left the company in 2005 to set up his own, which he named Big Hit Entertainment. He continued to produce music for his artists, which include soloist Lee Hyun, and of course, BTS.

In 2018, he was named one of Variety’s International Music Leaders due to BTS’ massive success. Earlier this year, Forbes Asia put him at No. 16 on their annual list of Korea’s 50 Richest People. With an estimated net worth of 2.7 billion USD, Bang Si Hyuk was one of only two newbies who made the latest lineup.