Scooter Braun is stepping down as HYBE America CEO, the entertainment company confirmed to "Good Morning America" on Tuesday.

The music mogul, who transitions to an executive advisory role, has also settled outstanding financial issues with former management client Justin Bieber

Braun reportedly took care of the debt through his Hybe company, with the singer reportedly agreeing to pay back the debt. According to People, prior to this week’s agreement, the pop star had only completed a single payment to his ex-manager and still owed him $26 million.

Braun is reportedly preparing to focus on a new venture outside of Hybe, though it’s unclear what that will look like. A press release only vaguely says his next steps will “reflect his expansive cross-industry vision and proven ability to cultivate culture at scale while continuing a focus on his philanthropic efforts.

The executive will transition to the role of senior advisor to HYBE's chairman and CEO Bang Si-Hyuk and will remain on the board of directors.

Scooter Braun will step down from his role as CEO of HYBE America and move into a consulting role, the company announced Tuesday.

The former artist manager led the U.S. branch of the renowned South Korean entertainment group for four years.