The dispute within SM Entertainment arises over the end of LeeSooMan's production contract
who has been with SM Entertainment for 17 years rebuked the management's decision to end the production contract with Lee Soo Man. "Unlike their previous words that they will make the best decision for the SM family, co-CEOs Lee Sung Soo and Tak Young Joon unilaterally issued such an announcement without any internal discussion."
Previously on February 3rd, the co-CEOs announced their plans to implement a multi-producing system including 5 production centers and multiple labels independently producing music, moving away from the current Lee Soo Man's producing system. "I don't understand why they made such a drastic decision over the national Seollal holidays and I believe there has to be an ulterior motive in proposing salary negotiations to all departments except for Lee Soo Man's office of secretary.
It was reported Lee Soo Man is currently in a state of shock after the sudden announcement of the board cutting ties with him on the 3rd. He has been out of the office since the announcement and reportedly is considering voicing his opinion during the shareholders' meeting next month. However, many employees are also supporting the board's decision. On the anonymous employee community 'Blind', many SM employees voiced that the company needs to implement drastic changes to improve market capitalization and operating profits. Share this article
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