ADOR’s CEO Min Hee-jin held a press conference at the Korea Press Center in Jung-gu, Seoul on May 31st. At the shareholders’ meeting earlier on the same day, HYBE decided to replace all the ADOR’s board members who were close to Min Hee-jin with HYBE executives.
During the press conference, Min Hee-jin said, “I guess HYBE is also listening to my talk. I hope we can reach a point of compromise”, adding “Now that the court has already determined that ADOR did not commit a breach of trust, let’s constructively discuss our next steps”.
![min hee jin thumbnail](https://cdn.kbizoom.com/media/2024/05/31135049/min-hee-jin-thumbnail-310524.jpg)
She continued, “If the board of directors approves it quickly, we can hold a board meeting on the 10th of June”, adding “I’m saying this in public through a press conference because we don’t have much time left”.
She added, “If HYBE has any vision for ADOR and NewJeans, please discuss it with me”.
However, Min Hee-jin said she has not contacted HYBE’s Chairman Bang Si-hyuk ever since HYBE conducted an audit on ADOR on April 22nd.
![hybe](https://cdn.kbizoom.com/media/2024/06/01075733/hybe-1-010624.webp)
As soon as the press conference ended, HYBE’s stock price, which was 193,000 won, soared to 207,000 won (1.47%).
Although the stock price eventually reversed its last-minute rise and closed at 200,000 won, a decline of 4,000 won (1.96%), from the previous day, many people were amazed to see the changes triggered by CEO Min Hee-jin’s remarks.
Meanwhile, the Seoul Central District Court’s Civil Agreement Division 50 (Chief Judge Kim Sang-hoon) agreed with Min Hee-jin’s injunction request to prohibit HYBE’s exercise of voting rights. As a result, HYBE’s plan to dismiss Min Hee-jin from ADOR’s CEO position failed, but the internal dispute is expected to continue as HYBE executives are now taking control of ADOR’s board of directors.