HYBE, which has famous South Korean groups including BTS, NewJeans, Seventeen, and ENHYPHEN, among others, has been making various headlines due to its public tiff with one of its independent labels, ADOR. Now, HYBE’s CEO, Park Ji Won, has officially announced his resignation after a 4-year tenure.

He addressed the company’s employees in a letter. He stated that he would conduct a scheduled town hall sometime soon to discuss the company’s mid-to-long-term growth strategy, or “HYBE 2.0.”

While acknowledging the various reports doing rounds on social media about his resignation, Ji Won shared, “I thought it was inappropriate to leave you in confusion until the town hall meeting.”