Yoon Seok-jun, aka Lenzo Yoon, recently stepped down as CEO of HYBE America. According to an exclusive report by Maeil Business Newspaper Star Today, Yoon has since returned to South Korea with his family in tow. Now, all eyes are on him, as many are eager to find out what his next move will be. Industry insiders suggest that he’s under a noncompete clause until the end of this year and is expected to leave HYBE completely when it expires.
A noncompete clause in an employment contract restricts a former employee from working in similar roles or industries for a certain period after leaving their job. This clause is designed to protect the company by preventing former employees from using insider knowledge to benefit competitors. In this context, competitors refer to other companies in the same industry as HYBE, which manages high-profile K-pop stars like BTS. Think JYP Entertainment, SM Entertainment, YG Entertainment, and the like.
In Yoon’s case, his noncompete clause prevents him from doing anything with those companies and others like them. This ensures that he won’t be able to use the experience and knowledge he gained at HYBE to benefit another company, potentially harming HYBE’s business interests. Once this clause expires, he’s free to do whatever he wants, whenever he wants, and wherever he wants.
Only time will tell what he’s planning to do.
Music’s Limitless Variations: Global CEO Lenzo Yoon, Big Hit Entertainment | SXSW 2021
All about Lenzo Yoon
Yoon joined HYBE in 2010, when it was still known as BigHit Entertainment. As the Director of Strategic Planning, he worked closely with Bang Si-hyuk, the company’s founder, focusing on content development and platform building. In 2015, Yoon was named Head of Business Planning. Starting in 2017, he strengthened the company’s global partnerships and expanded BTS’s IP business and world tours.
He was promoted three times within the next four years. Yoon rose to CEO of BigHit Entertainment in 2019, became Global CEO in 2020, and was appointed CEO of HYBE America and HYBE Universal in 2021. He made Billboard US’s 2022 Power List alongside Bang Si-hyuk, but stepped down from both positions soon after. He was replaced by Scooter Braun, who became HYBE America’s sole CEO in January 2023. Yoon hasn’t held an official position within HYBE since then, and maintained a relatively low profile until news of his return to South Korea broke.
Scooter Braun, known for discovering Justin Bieber and Ariana Grande, joined HYBE after his company Ithaca Holdings was acquired for about 1 billion USD in April 2021 as part of HYBE’s global expansion. After parting ways with Bieber and Grande last year, Braun retired from music management in June 2024 to focus on his HYBE work. Incidentally, HYBE America reported a net loss of approximately 11.7 million USD last year.
Maeil Business Newspaper Star Today asked HYBE to comment on their report, to no avail. – K-Pop News Writer
Featured Image: What will Yoon do next? Source: Rolling Stone.