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”.
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.
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.
