Min Hee Jin has resigned from her position as an internal director of ADOR, a subsidiary of HYBE (formerly Big Hit Entertainment).
Seven months after HYBE exercised its audit rights in April, Min has formally severed ties not only with HYBE but also with ADOR, the company she once led and is now helmed by CEO Kim Joo Young.
On November 20, she resigned from her position as an internal director stating, “I have terminated the shareholder agreement with HYBE and will hold them legally responsible for violating the agreement. I will take necessary legal action against HYBE and its affiliates for their numerous illegal activities.’
Min Hee Jin continued, ‘Despite the hellish dispute with HYBE that began with their illegal audit in April, lasting over seven months, I have made every effort to uphold the shareholder agreement and restore ADOR to its original state prior to April. However, HYBE has refused to acknowledge their wrongdoing and shows no intention of changing, leading me to conclude that further efforts would be a waste of time.’
The former ADOR CEO signaled her departure on Instagram. Today, she posted an image of a character waving goodbye with the phrase “Quit”, accompanied by a playlist featuring Deniece Williams’ classic “Free”. Notably, she also unfollowed NewJeans’ official account.
Concurrently, Min Hee Jin has taken HYBE to court, seeking payment for exercising her put option. The shareholder agreement guarantees her 75% of her ADOR stake, calculated at 13 times the company’s average operating profit over the past two years. However, HYBE is contesting the claim, arguing the agreement is no longer valid.
Min holds a significant stake in ADOR, with 573,160 shares (18%) valued at approximately KRW 25.8 billion, based on the company’s April audit report. The calculation is tied to ADOR’s operating profits for 2022 (-KRW 4 billion) and 2023 (KRW 33.5 billion).
Her breakup with HYBE/ADOR is now official, but sources close to the situation clarify that her relationship with NewJeans remains intact.
In fact, NewJeans members (Kim Minji, Pham Hanni, Danielle Marsh, Kang Haerin, and Lee Hyein) had taken a stance against ADOR earlier, sending a certified letter on November 13.
NewJeans members demanded ADOR to resolve ‘serious exclusive contract violations’ within 14 days. If ADOR neglects to comply, the group warned: ‘We will terminate our exclusive contract.’
They also hinted at their uncertain future as a group during an award acceptance speech at KGMA on November 16.
Lastly, Min Hee Jin and NewJeans are taking a bold stance against HYBE, but this move comes with significant risks. Their careers may suffer, but they are willing to take the gamble. Only time will tell if this decision will pay off or backfire.