Kpop Agency’s CEO Reportedly Dismissed From The Company He Founded, Here Is Why

WM Entertainment CEO Lee Wonmin has stepped down after 17 years.

According to the music industry on September 12, WM Entertainment’s parent company RBW dismissed Lee Wonmin in early August. RBW, which owns more than 80% of WM’s shares, reportedly made the decision due to worsening management difficulties and declining profitability.

Lee Wonmin founded WM Entertainment in 2008 and led the company’s growth for many years. Most notably, he launched popular idol groups such as B1A4, Oh My Girl, and ONF, helping solidify WM’s position as a strong mid-sized agency. However, his sudden dismissal has reportedly caused major turmoil within the company, with key executives also leaving.

Although WM Entertainment continued to operate as an independent label after being acquired by RBW in April 2021, industry insiders say conflicts arose between RBW and Lee over the launch of a new idol group amid the entertainment industry’s overall downturn. Analysts view RBW’s move as a direct effort to push management reform under the pretext of performance improvement and restructuring.

Following Lee’s removal, RBW co-CEO Kim Jinwoo has taken over as the new head. WM Entertainment is now said to be undergoing restructuring under RBW’s leadership.

Currently, WM Entertainment manages B1A4, Oh My Girl, ONF, and YOUTHPIRE. Recently, former IZ*ONE member Lee Chaeyeon ended her exclusive contract with the agency. On September 12, WM stated, “After long discussions with Lee Chaeyeon, we have agreed to conclude her exclusive contract. However, we will continue to provide support so that her scheduled activities can proceed without issue.”

Source: A