SM holds the 29th general shareholders' meeting... Youngjun Tak appointed as co-representative

SM Entertainment (hereinafter referred to as SM) announced that it held the 29th regular shareholders' meeting and board of directors meeting at SM headquarters in Seongsu-dong, Seoul on the 27th and appointed Tak Young-jun, COO (Chief Operating Officer), as co-CEO. Accordingly, SM became a joint CEO system of Jang Cheol-hyuk and Tak Young-jun.

At the shareholders' meeting on this day, ▲appointment of inside director Tak Young-jun, ▲approval of the 29th financial statements, ▲approval of director remuneration limit, ▲auditor remuneration limit, etc. were submitted to the agenda, and all were passed according to the original plan.

SM Co-CEO Tak Young-jun is in charge of IP business, including production and management of leading K-POP artists, development of new artists, and performances, including the successful debut of last year's top rookie RIZE, to strengthen competitiveness and strengthen multi-purpose business, which is the core of SM 3.0 strategy. He explained that he was recognized for his outstanding capabilities, including successfully establishing a production system.

In addition, in accordance with the approval of the 29th financial statements and consolidated financial statements, SM will pay a cash dividend of 1,200 won per share of common stock, the same as the previous year, and the total dividend amount is 28.1 billion won. Last year, SM achieved business performance of KRW 961.1 billion in sales and KRW 113.5 billion in operating profit on a consolidated basis.

Co-CEO Jang Cheol-hyuk said in his greeting at the general shareholders' meeting, "All executives and employees are working together to realize the vision of SM3.0 announced in 2023," and added, "We are not only working to improve shareholder value, but we are also continuously producing good content with artists." “By introducing this, we will become an entertainment company recognized by various stakeholders,” he said.

Co-CEO Tak Young-jun said, “By strengthening SM’s business competitiveness, we will leap forward as a global entertainment company and further contribute to the growth of the K-POP industry.” He added, “As the multi-production system, which is the core of SM 3.0, is quickly becoming established, SM 3.0’s recently debuted “We will continue to present competitive NEW IP, including NCT WISH and the female rookie team that will debut in the second half of the year.”

Reporter Junho Yoon, Ten Asia delo410@tenasia.co.kr