YG Entertainment‘s Yang Hyun Suk has released an official statement, announcing that he will be stepping down from all positions at the agency.

In his statement, Yang Hyun Suk apologized to the YG artists and fans and announced that he will resign from his positions in order to prevent further damage on both the artists and fans.

This is Yang Hyun Suk.

I am so sorry towards all of the fans who have continued to love our YG artists. I am also sincerely apologetic towards our staff and executives who have continued to silently work hard amid the harsh criticism.

I have patiently endured this situation in which shameless and humiliating words are being thoughtlessly spread as if it is the truth. But I don’t think I can hold it in any longer. I thought there must be no more situations in which our YG artists and fans are hurt because of me.

I have devoted 23 years and half of my life raising YG. Supporting the greatest music and the greatest artists was my biggest happiness and I thought it was the one skill that I could provide to fans and to society.

However, I intend to step down from all positions and tasks from YG as of today. I sincerely hope that there will be no more damage caused to the YG artists and everyone who has loved them because of me.

YG currently has numerous professionals who are more capable than me. I believe by stepping down, it will create a good opportunity for them to live up to their full potential. Stabilizing YG as fast as possible is my sincere hope.

Finally, I believe that the truth of the recent reports and malicious gossip will be revealed through future investigations. Thank you.

ㅡ Yang Hyun Suk