SM Entertainment and Lee Sooman to part ways

Quote from bartkun

Lee Sooman asked to terminate contract between his private company and SM

https://www.allkpop.com/articl…contract-with-lee-soo-man

asked? more like he's forced to leave after his paper company 'Like Planning' has been stealing money, in august one of their big partners announced that they will sue SM because of his paper company stealing money if things aren't resolved until september, since march it has been talks that shareholders aren't happy with LSM's producing company

I guess this is why the kakao deal is moving so slowly too and why comeback are delayed until they solve the situation inside the company.

LSM is just trying to save face saying he asked when he was pretty much forced to do it.

Quote from bartkun

please read new statement of SM

apparently Lee Sooman asked to leave head producer position long time ago but due to pandemic and new group/concepts preparation SM didn't want to let him go

in same time yes SM admitted that some of shareholders demanded recently for LSM to leave

https://www.allkpop.com/articl…ucer-contract-termination

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lmao the shareholders threatened to sue SM by september 15 if they don't resolve with LSM's company Like Planning and by 15th september LSM from the good of his heart wanted to leave, let's be real, his company is kicked out after stealing money the past decade

Quote from bartkun

that's like month ago

meanwhile the talk about grandpa leaving is like 2 years old now

and don't get me wrong I get that whole situation with his private company already messed up acquisition by Kakao or CJ because no one wanted to buy SM and later on feed that private company 100M in each year

my point is that his company was forced to leave right now, he didn't leave from the good of his heart, is there any proof that LSM wanted his producing company out of SM 2 years ago? He stepped being CEO years ago but he was happy with the money he got 1. from his shares 2. from his company, i know he wanted to sell his shares which didn't go well because of his shaddy ass but there was no talks that LSM wanted his company out of SM (who wouldn't, i would also be happy with getting free money)

an article from 2021 (which don't let me post)

"On top of this, it’s said that Lee Soo Man has proposed continuing involvement with SM Entertainment through his private album production company, Like Planning, even after selling his stocks."