Min Hee-jin reaches out her hand “Let’s compromise”, but HYBE remains silent
"I feel relieved to have cleared my name"
This was what ADOR CEO Min Hee-jin said during the press conference on May 31st amidst her ongoing dispute with HYBE, which has lasted over a month. This followed her victory in the first round of legal battles on May 30th, allowing her to retain her CEO position for the time being. Unlike the first press conference on April 25th, where CEO Min appeared with tears and harsh language, this time she adopted a completely different attitude. She answered journalists’ questions in a refined manner and reached out her hand to HYBE, suggesting, “Let’s compromise for the greater good.”
Will HYBE and Min Hee-jin compromise? The industry sees it as unlikely.
HYBE did not respond by the evening of May 31st. Industry insiders also see little possibility of reconciliation. HYBE, holding 80% of ADOR’s shares, surrounded CEO Min by appointing HYBE’s CHRO Kim Joo-young, CSO Lee Jae-sang and CFO Lee Kyung-joon as new ADOR directors. An industry insider familiar with HYBE said, “HYBE has no intention of compromising and plans to resolve this through police investigations or related lawsuits.”
HYBE still has a way to dismiss CEO Min. CEO Min’s legal representative, Attorney Lee Sook-mi, explained, “Even if HYBE’s directors convene a board meeting to resolve CEO Min’s dismissal, there’s no way to stop it under commercial law.” However, it is known that HYBE will respect the court’s decision on May 30th and will not proceed with CEO Min’s dismissal until the results of the police investigation are out.
CEO Min reiterated that she has no greed for position or money and expressed a strong desire to achieve the vision she has set with NewJeans. She indicated her intention to stay with ADOR and continue working with NewJeans. When asked if she would consider going independent with NewJeans if she were ultimately dismissed, CEO Min avoided giving a direct answer.
