Courtesy of HYBE
In a notable development, Bang Si-hyuk, Chairman of HYBE, the influential force behind BTS and the K-pop industry, has declared his acceptance of a symbolic salary of 1 won ($0.00076) for the year 2024. This move, outlined in HYBE's 2024 in-house director compensation plan, aims to underscore Bang's responsible leadership and emphasizes the company's commitment to the 'Pay for Performance' compensation philosophy.
However, it is crucial to note that despite the nominal 1 won salary, Bang's total income from HYBE is supplemented by a bonus of 980 million won ($743,000) within the company's short-term incentive system. This marks a significant departure from the previous year, where Bang received a salary of 50 million won and a bonus of 300 million won, with an additional 7 million won in other income, bringing his total compensation to 357 million won.
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| ▲ HYBE Chairman Bang Si-hyuk / Courtesy of HYBE |
Furthermore, HYBE's CEO, Park Ji-won, has experienced an increase in his compensation package. His salary for 2024 is set at 1 billion won, accompanied by an additional 1 billion won bonus. This marks a rise from the previous year's 916 million won salary and 600 million won bonus.
Established in 2005 as BigHit Entertainment, HYBE entered the K-pop label industry in 2019. Through strategic acquisitions, including Source Music and Pledis Entertainment, the company underwent a transformative journey, culminating in its rebranding as HYBE Labels in 2021.
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Blue YIM, yimyoungseo1010@naver.com
