Cube Entertainment Appoints An Woohyeong and Lee Donggwan as New CEOs
[Asia Economy Reporter Hyunseok Yoo] VT GMP has acquired management rights of Cube Entertainment from IHQ.
On the 26th, through the regular general meeting of shareholders, VT GMP secured the position of the largest shareholder and management rights of Cube Entertainment. On the 27th, VT GMP announced that it appointed former Seotaiji Company CEO Woo-hyung Ahn and former VT GMP Vice President Dong-kwan Lee as new co-CEOs through an official internal board meeting.
CEO Woo-hyung Ahn, who comes from Cheil Worldwide, is a hands-on executive with outstanding marketing experience, having successfully led projects such as the “BTS Perfume Project,” a notable success story of VT GMP’s cosmetics brand VT Cosmetic.
Co-CEO Dong-kwan Lee, appointed as co-CEO, is regarded as the ideal candidate to enhance Cube Entertainment’s financial soundness, based on his extensive experience in the financial sector including Daewoo Securities (now Mirae Asset Daewoo), Kookmin Bank, Cheil Savings Bank, and Woori Bank.
Additionally, Professor Jung-min Byun from the Department of Popular Music, School of Performing Arts at Joongbu University was appointed as an outside director to serve as a specialist advisor for artists.
The company stated that with VT GMP newly securing the largest shareholder position, its overseas network and marketing capabilities are expected to create synergy with Cube’s artists. Therefore, they plan to focus on full support for Cube Entertainment’s existing artists and active launching of new artists.
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The new management said, “We plan to carry out various global projects to improve Cube’s sales and maximize the benefits of shareholders and employees. Additionally, we plan to establish various programs to protect artists’ rights.” They added, “We will encourage artists’ creative and self-producing activities, establish a compensation program that can protect their rights, and set up an ‘Artist Support Committee’ that can professionally support and advise artists’ activities.”
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