Following the news about Yang Hyun Suk stepping down from YG Entertainment, his brother Yang Min Suk, who is also the CEO of the company, has also decided to step down from his position.

In a press released to all YG Entertainment employees, he apologized for what has happened within YG Entertainment and vowed for a new start for the company.

Dear YG Family.

I am very sorry, and very thankful for your efforts recently during this time of a difficult environment.

Since the beginning of the year, there have been continuous and provocative issues that have caused worry to everyone, and I feel very ashamed.

Yang Hyun Suk and I have immersed ourselves in the management and music activities aspects, and we have been silently enduring all of the speculations surrounding YG that have been revealed because we believe that the truth will be revealed.

However, as I have watched the different issues consistently bring hardship to the our agency celebrities, who are not related to the matters at hand, I have come to realize it is hard to overcome this just by enduring it silently.

In order for us to solve these issues, grow as a company, and make new breakthroughs, I believe we need a big change. For there to be no misunderstandings regarding Yang Hyun Suk’s decision to step down, I also have to be clear on my part. After careful consideration in the middle of these issues, I have decided to step down from my long-held position as CEO of YG Entertainment.

— Yang Min Suk