Scooter Braun to step down as CEO of Hybe America
He will remain at the company in an executive advisory capacity, Rolling Stone magazine reported. Braun will also keep his spot in Hybe's board of directors and serve as senior adviser to Bang Si-Hyuk, Hybe's chairman, Variety reported.
Braun did not immediately respond to an NBC News request for comment.
The arrangement will reportedly allow Braun to pursue new projects while also remaining as the second-largest individual shareholder of Hybe, the company behind the global success of K-pop groups like BTS, Tomorrow X Together and NewJeans.
Isaac Lee, who leads the Latin American arm of Hybe, will take over Braun's role, according to Variety.
Braun and Hybe have been in business together since April 2021, when the conglomerate merged with Braun's Ithaca Holdings. The venture included a publishing company, the country label Big Machine Label Group and Braun's management company SB Projects, which represented music giants like Justin Bieber, Ariana Grande, J Balvin among other artists.
Shortly after the sale, Braun was made CEO of Hybe America. Last year, Braun officially retired from managing artists to focus on his role at Hybe.
Big Machine Label Group was the record company that helped launch Taylor Swift's career and was later involved in a dispute over the rights to her music. Swift's music was sold to the investment firm Shamrock Capital before Ithaca Holdings' merger with Hybe.
Shamrock Capital then sold the music catalog to Swift earlier this year.
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