In February 2010, after two decades on SM's board of directors, founder Lee Soo-man resigned from his position in order to "focus more energy on SM's overseas business, new business management, and artist development." In March of the same year, KMP Holdings was established as a joint venture between SM, YG Entertainment, JYP Entertainment, Star Empire, Medialine, CAN Entertainment, and Music Factory. The firm's first release from SM was Super Junior's fifth studio album, "Mr. Simple", which marked the end of SM's self-distribution. In May, SM announced its highest ever first quarter operating profits, at KR, up 471% from the same period the previous year. Gross revenue was reported at KR, a 58% increase on the previous year.