HYBE Chairman Bang Si Hyuk has taken home a substantial bonus of 980 million KRW (approximately $720,000 USD) for the first half of 2023, despite not receiving any salary.
According to the semi-annual report HYBE submitted to the Financial Supervisory Service on the 15th, Bang’s base salary was set at 0 KRW. HYBE explained, “To emphasize the ‘Pay for Performance’ policy and strengthen responsible management, the Compensation Committee decided not to award a basic salary.”
As for the substantial bonus, HYBE noted, “This performance incentive was approved by the board based on the Compensation Committee’s comprehensive evaluation of Bang Si Hyuk’s management achievements and abilities for 2023.” The company highlighted several key factors in the decision, including the successful debut of new groups and expansion into global markets, which significantly boosted HYBE’s brand value, as well as the strategic initiatives aimed at uncovering future growth drivers in a rapidly changing environment.
HYBE reported record-breaking revenue for Q2 2023, reaching 640.5 billion KRW (approximately $485.6 million USD), surpassing the previous year’s Q2 revenue of 621 billion KRW. The company also crossed the 1 trillion KRW mark in half-year revenue for the second consecutive year, reaching 1.001 trillion KRW as of mid-2023.
However, HYBE has faced several controversies recently. The company has been dealing with internal conflicts involving Min Hee Jin, CEO of its ADOR label, and the DUI scandal surrounding BTS’s Suga. Adding to the turmoil, Bang Si Hyuk was spotted in Los Angeles with BJ Se Yeon, stirring further public scrutiny.
These issues have affected HYBE’s stock performance, leading to a four-day consecutive decline, hitting a 52-week low. The stock price dropped to the 160,000 KRW range (approximately $121 USD) for the first time since January 2022.
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