In a recent development, it was reported that HYBE, the parent company of ADOR, is accepting applications for a new CEO to lead the label, signaling the likely departure of current CEO Min Hee Jin.
The move comes amid the intensifying HYBE and CEO Min Hee Jin conflict, who has been at the helm of ADOR since its launch.
As per a recent report by TenAsia on May 21, HYBE is pushing to remove Min Hee Jin as ADOR CEO and is preparing to hire a new CEO and board of directors to run the company.
HYBE is accepting applications for the new ADOR CEO position until May 24 and is actively searching for the right candidate. The company is also considering candidates with experience working with international artists.
After the application and recommendation process is finished, the shortlisted candidates will be announced early next week. HYBE will then conduct background checks and verify the qualifications of the potential candidates until the extraordinary general meeting of shareholders.
Finally, a new CEO and ADOR board of directors will be officially appointed during the extraordinary general meeting of shareholders on May 31.
While HYBE plans to oust CEO Min Hee-jin on May 31st and establish a new ADOR leadership team, a court order can block HYBE, despite holding 80% of ADOR’s shares, from voting at shareholders meeting.
CEO Min is fighting back by requesting a court injunction to prevent HYBE from voting in favor of her dismissal.
The court heard the preliminary injunction case on May 17, and the outcome will significantly impact the situation. The court will announce its decision before the shareholders’ meeting on May 31.
If the injunction is denied, HYBE will be able to exercise its shareholder rights, remove Min Hee Jin as CEO, and appoint new management at ADOR, effectively ending the dispute.
On the other hand, If the court rules in favor of the injunction, HYBE’s plans will hit a roadblock. In this scenario, HYBE may either appeal the decision or gather new evidence and call another shareholders’ meeting to try and move forward with its plans.