SM Builds Dual Leadership with Tak Young-jun and Jang Cheol-hyuk... "Preparing for Female Rookie Team Debut in Second Half"

All Agenda Items Including Appointment of Internal Director Passed as Originally Proposed at the General Meeting

Tak Young-jun, Co-CEO of SM Entertainment, is being interviewed by Asia Economy on the 9th. / Photo by Moon Ho-nam munonam@

On the 27th, SM Entertainment held its regular general shareholders' meeting and board of directors meeting, appointing COO Tak Young-jun as co-CEO. As a result, SM now operates under a dual leadership system with Jang Cheol-hyuk and Tak Young-jun as co-CEOs.

At the shareholders' meeting held at SM's headquarters in Seongsu-dong, Seoul, the agenda items including ▲appointment of Tak Young-jun as an inside director ▲approval of the financial statements for the 29th fiscal year ▲approval of the director remuneration limit ▲approval of the auditor remuneration limit were all passed as originally proposed.

Co-CEO Tak has strengthened the company's competitiveness by overseeing IP (intellectual property) businesses such as the successful debut of last year's top rookie group RIIZE, production and management of leading K-pop artists, rookie development, and performances. SM stated, "Co-CEO Tak has been recognized for his outstanding capabilities, including successfully establishing the multi-production system, which is a core part of the SM 3.0 strategy."

Co-CEO Tak said, "We will leap forward as a global entertainment company by enhancing SM's business competitiveness and further contribute to the growth of the K-pop industry. As the multi-production system, the core of SM 3.0, is rapidly taking root, we will continuously introduce competitively strong new IPs, including the recently debuted NCT WISH and the female rookie group set to debut in the second half of the year."

Following the approval of the financial statements and consolidated financial statements for the 29th fiscal year, SM decided to pay a cash dividend of 1,200 KRW per common share, the same as the previous year. The total dividend amount is approximately 28.1 billion KRW.

Co-CEO Jang said, "All employees are working together to realize the vision of SM 3.0 announced last year. We will not only strive to enhance shareholder value but also become an entertainment company recognized by various stakeholders by consistently presenting great content together with our artists."