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SM Founder Lee Soo Man to resign

February 24, 2010

On the 24th of February SM announced that in order to focus more on investments from overseas, new overseas business developments and artiste production, Lee Soo Man will resign as Director of Registrations.

A company representative said, “Lee Soo Man will no longer be engaged in business activity,”
He added, ” However, in order to strengthen his position as major shareholder, an additional 1.5% from Avex was retrieved.”

-omitted-

On the other hand, SM’s 2nd largest shareholder, Avex Japan, has transferred 15.4% of their shares to Neowizbugs while the remaining shares will be sold to Lee Soo Man, hence putting an end to the relationship with SM Entertainment.

Avex is the company that assist SM’s artistes such as TVXQ, etc. in the Japanese market.

Source: SPN
Translation: covermeblack@lj

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