In the latest development, while CEO Min Hee Jin remains at the helm, two executive directors closely tied to her administration have been let go. Meanwhile, three new executive directors, handpicked by HYBE have joined the team.
On May 31, Deputy CEO Shin and Director Kim, who are close to CEO Min, were dismissed during an extraordinary shareholders’ meeting (Imchong) held in Seoul this morning.
Instead, Chief Strategy Officer Lee Jae Sang (CSO) who was expected to be the new CEO of ADOR if Min Hee Jin got dismissed, joined the team.
In addition, Chief Human Resources Officer (CHRO) Kim Joo Young, and Chief Financial Officer (CFO) Lee Kyung Jun were named as the new internal directors at ADOR.
On May 30, the court granted CEO Min’s request for a temporary injunction against HYBE, preventing the exercise of voting rights and securing her position as CEO.
As a result, HYBE chose not to exercise its voting rights regarding CEO Min’s dismissal the following day.
However, this led to a reorganization of the Adore board of directors, with CEO Min and three HYBE representatives forming a 1:3 structure. This new setup is expected to lead to challenges in reaching agreements on crucial decisions, as both parties may have differing opinions and interests.
Sejong Law Firm (Limited), CEO Min’s legal representative, stated today that she intends to conduct a press conference this afternoon to clarify her stance on the extraordinary general meeting of shareholders.
Lastly, HYBE is gearing up to proceed within the legal boundaries and is set to continue pursuing allegations of breach of trust against CEO Min. Concurrently, the police are looking into Hive’s complaint against the ADOR CEO.
