HYBE To Reveal Plans For New ADOR’s Management Early Next Week
Making all-out efforts to dismiss Min Hee-jin, HYBE is preparing to change the CEO and also ADOR’s board of directors
According to Tenasia’s report on May 21st, HYBE is accepting additional applications for the position of ADOR’s new CEO from both internal and external candidates until the 24th. At the same time, it is reported that they are closely inquiring and reaching out to individuals suitable for the position. Speculations in the industry suggest that the selection of the new ADOR CEO may include not only domestic but also overseas artist-related personnel.
The result is expected to be revealed early next week once the application and recommendation process is completed. HYBE plans to conduct a reputation check and verification of the candidates on the shortlist before the shareholders’ meeting starting from the 25th then establishes a new ADOR’s board of directors with a new CEO at the shareholders’ meeting on the 31st.
If HYBE’s scenario proceeds as planned, May 31st will be the day Min Hee-jin is dismissed as a CEO and ADOR will be restricted.
However, there are obstacles that HYBE should overcome. Holding 80% of ADOR’s shares as the largest shareholder, HYBE is certain to dismiss Min Hee-jin through the exercise of its voting rights. In response to this, Min Hee-jin has filed a provisional injunction lawsuit to prohibit HYBE from exercising its voting rights at the shareholders’ meeting.
An interrogation for the provisional injunction filed by Min Hee-jin against HYBE was conducted on the 17th, and the situation is expected to change significantly according to the court’s decision. The court will announce the result of the injunction to both sides before the shareholders’ meeting proceeds on the 31st.
If the injunction is rejected, HYBE can dismiss Min Hee-jin from the CEO position right away and replace ADOR’s board of directors to wrap up the situation.
On the other hand, if the court accepts Min Hee-jin’s request, HYBE’s plan will be disrupted. In this case, HYBE may submit an appeal against the court’s decision or present new evidence and hold a temporary shareholders’ meeting again.
Meanwhile, HYBE is preparing to take care of NewJeans members and support their future activities after dismissing CEO Min Hee-jin.
