Court Ruling Allows Min Hee-jin to Remain CEO, But HYBE Gains Control of Board
On May 31st, ADOR CEO Min Hee-jin addressed the press following an extraordinary general meeting of shareholders. The meeting addressed the ongoing dispute between ADOR and its parent company, HYBE.
HYBE Appoints New Board Members, Min Hee-jin Retains CEO Position
The agenda for the shareholder meeting included proposals to appoint three HYBE executives as ADOR inside directors and dismiss two existing directors affiliated with Min Hee-jin. While the proposals to appoint HYBE’s Kim Joo-young (CHRO), Lee Jae-sang (CSO), and Lee Kyung-jun (CFO) passed, the proposal to dismiss Min Hee-jin failed due to a court-granted injunction.
This injunction prevented HYBE from exercising its voting rights on the matter. However, the successful appointment of HYBE executives now grants them a 3-1 majority on the ADOR board, effectively giving HYBE control.
Min Hee-jin Addresses Press, Expresses Relief
Following the meeting, Min Hee-jin met with reporters, stating, “I’m here to greet you for the second time. I’m glad to be able to greet you after winning the lawsuit. I decided to hold a press conference because I thought it would be good to explain our situation and my thoughts.”
Min Hee-jin also conveyed a sense of relief, commenting, “Personally, I feel relieved to have been cleared of the false charges.”
