On August 28, according to the Korea Exchange, HYBE closed at 182,000 won, up 5,200 won (2.94%) from the previous trading day. The stock, which had been at 176,800 won the previous day, surged to 186,400 won amid heavy buying by investors following the news of Min Hee-jin’s dismissal as CEO. Trading volume increased by 476%.
Market analysts suggest that the dismissal of Min Hee-jin, the former CEO of ADOR, was seen as a positive move. HYBE’s strategy to separate production from management and strengthen its multi-label system received favorable evaluations.
On August 27, ADOR held a board meeting and announced the appointment of Kim Joo-young, ADOR’s internal director, as the new CEO. Min Hee-jin will continue to serve as an internal director and oversee the production of NewJeans.
ADOR stated, “The internal organization will now separate production and management,” adding that “this aligns with the multi-label management principle that has consistently been applied to all other labels, though ADOR had previously been an exception with the CEO overseeing both production and management.”
On August 28, Min Hee-jin responded by saying, “This dismissal decision is illegal, as it directly contradicts the shareholder agreement and the injunction prohibiting the exercise of voting rights. The board’s decision also has procedural issues.” However, HYBE and ADOR clarified, “While internal directors are dismissed by the shareholders’ meeting, the CEO is decided by the board of directors. It does not require prior consent or consultation with the CEO and follows internal procedures. The shareholder agreement has already been terminated, and under commercial law, the board can resolve to replace the CEO regardless of any shareholder agreement.”
Source: daum
