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South Korean agency SM Entertainment has officially announced that Red Velvet members Wendy and Yeri have parted ways with the company.

According to Soompi, both artists chose not to renew their exclusive contracts with SM Entertainment regarding their individual careers.

"The time we spent together with Wendy and Yeri, who--after debuting as Red Velvet--were not only active in group promotions but also as solo artists in various fields, was a great joy for us as well," SM Entertainment stated, translated by Soompi.

"We will cherish all the moments we have spent together with them until now, and we will sincerely root for Wendy and Yeri as they make a new start."

Despite the contract changes, both Wendy and Yeri will continue as active members of Red Velvet and collaborate with SM Entertainment for group-related projects. "We ask that you look forward to Red Velvet's shining journey that will continue to unfold," they said.

SM Entertainment added, "We sincerely thank you for the unsparing love you have given Wendy and Yeri up until now, and we hope you will give your warm interest to the two members as they embark on new challenges in their respective paths."

Wendy debuted with Red Velvet in August 2014, while Yeri joined the group in March 2015. Alongside fellow members Irene, Seulgi, and Joy, the group has delivered numerous chart-topping hits like “Happiness,” “Dumb Dumb,” “Russian Roulette,” “Psycho,” and “Cosmic.” Their powerful vocals and visually stunning performances have gained them recognition worldwide.

Yeri made her solo debut in 2019 with the digital single “Dear Diary,” while Wendy has recorded multiple OSTs since 2015 and launched her debut solo EP Like Water in 2021.

Take a look back at Red Velvet's “Happiness: My Dear, Reveluv FanCon Tour” highlights in this gallery: