HYBE’s “Follow-Up Procedures” vs. Min Hee Jin’s “Reconciliation Proposal”: Will the Conflict Be Resolved or Prolonged?

In contrast, Min Hee Jin has extended a conciliatory gesture, suggesting a compromise for the future of all parties. Attention is now focused on whether the month-long conflict can be successfully resolved.

At the Ador emergency shareholders’ meeting held on May 31st in Seoul, Min Hee Jin’s position as ADOR’s CEO was confirmed. Initially, HYBE planned to dismiss her at the meeting, but a court injunction issued the previous day prevented them from exercising their voting rights, resulting in Min Hee Jin’s dramatic retention.

However, at the emergency shareholders’ meeting, only Min’s close associates, Vice President Shin and Director Kim, were dismissed. New inside directors appointed included HYBE’s Chief Strategy Officer (CSO), Chief Human Resources Officer (CHRO), and Chief Financial Officer (CFO), all recommended by HYBE, which holds an 80% stake in ADOR.

In a press conference held on the same day, Min Hee Jin expressed her sentiments on being retained due to the court’s injunction: “Now that my personal accusations have been cleared, I have more freedom to choose. What I truly wish is to achieve the vision I had for NewJeans with the members. Honestly, I would trade money for that vision. The vision we decided to pursue together means more to us.”

When asked if she was proposing reconciliation with HYBE, Min responded affirmatively. “I want to maintain the one-year plan for NewJeans as it benefits everyone. We have already hurt each other emotionally. I want to move past that and start a new chapter. I don’t know what will happen with HYBE. I’m tired of the public battle and can’t handle the reverse virality alone. I don’t want to prolong this dispute. Thankfully, the court has provided a turning point. Considering the future of NewJeans and HYBE, it’s painful for the members to be in limbo. From that perspective, I’m willing to compromise, so let’s end this.”

HYBE, after the court’s decision, stated their intention to proceed with follow-up procedures within the legal framework, highlighting that the court acknowledged Min Hee Jin’s attempts to seek ways to independently control ADOR, potentially weakening HYBE’s control. 

HYBE’s next steps are awaited, as they have not yet officially responded to Min’s reconciliation proposal following her press conference.

The court concluded that while Min’s attempts to make ADOR independent were evident, they had not reached the execution stage, making it difficult to classify her actions as “breach of trust” though they could be seen as “betrayal.”

In her press conference, Min Hee Jin focused on explaining the difference between “betrayal” and “breach of trust.” She said, “Betrayal implies a breakdown of trust, which cannot happen unilaterally. It’s a very emotional term. There’s little causal relation between the emotional term ‘betrayal’ and the legal, managerial judgment of ‘breach of trust.’ Companies are not fraternities, and managers should be judged by their achievements.”

She continued, “The success I achieved with ADOR in two years is equivalent to what top boy groups achieve in 5-7 years. Could you really call the CEO of a subsidiary that accomplished such results a betrayer? It’s perplexing, and such emotional terms should not be used in a corporation focused on shareholder interests and new visions.”

Source: naver