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Financial media makes new allegations of ‘internal corruption’ SM Entertainment first month after it entersLi Xiuman era. This time, the suspicion of internal corruption was not Li Xiuman’s hand, but Li Xiuman’s.they involve Zhang ZaihaoChief Sales Officer (CSO) of SM Entertainment.
Jang Jae Ho, appointed as CSO of SME by his good friend Lee Sung Soo (former SM Entertainment representative, current production director), left the company in October last year due to conflicts with the then chief producer Lee Soo Man.Then, just a day later move After announcing his decision to withdraw from the acquisition war on March 13, Jang Jae-ho immediately resumed his position as an internal director.
There are now suspicions that Jang Jae Ho was actually the key figure in allegedly “driving out” Lee Soo Man, “protecting” SM from HYBE’s “hostile” takeover, and returning the company to a “normal” state. – Governance.
Jang Jae-ho first worked as a director at SM Entertainment SM Brand Marketing In May 2021, he was appointed to this position by Lee Sung-soo. Less than a year later, in March 2022, he was named SM Entertainment’s CSO.
Last year, Jang Jae-ho officially started to side with investment companies Alignment partners Ready to “remove” Lee Soo Man as the undisputed head of SM Entertainment. Aware of this, Lee Soo Man is said to have repeatedly scolded his nephew Lee Sung Soo for “cooperating with Jang Jae Ho”. The disagreement between the two eventually escalated to Jang Jae Ho’s resignation as CSO by October.
But even after his resignation, Jang Jae-ho was involved in SM Entertainment’s management affairs through a separate consulting contract. Jang is believed to have been SM’s “independent” general supervisor from Lee Soo Man since January this year, and even negotiated with HYBE and Kakao in acquisition negotiations.
Ultimately, as of March 31, Jang became a key figure in SM Entertainment’s current management structure, which even cocoa Although it cost about 1.25 trillion won (about 953 million U.S. dollars) to acquire SM, it cannot directly participate in the company’s management affairs.
Now, insiders predict that with his return to SM Entertainment, Jang will begin to “purge” all of the company’s board members — SM Entertainment’s directors and those holding directorships in subsidiaries — who may be inclined to side with Lee Soo man. The purge will be Jang’s first move to resolve Lee Soo-man’s important stake in the two companies. dream Maker (24.14%) and SM brand marketing (42.31%).
It is expected that in the next three years, all internal management affairs of SM Entertainment may be conducted directly through Jang Jae-ho and Align Partners. Despite being the company’s largest shareholder, Kakao currently has a small stake in internal management matters, while Zhang Zaihao wields major decision-making power.
People in the financial industry began to question whether the “independence” of Align Partners advocated by SM Entertainment is really just a transition from one center player (Lee Soo Man) to another center player (Jang Jae Ho).
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