HYBE reshuffles ADOR leadership: Min Hee-jin out, new CEO in
South Korean entertainment giant, HYBE, known for managing renowned K-pop groups like BTS and SEVENTEEN, has reportedly appointed a new CEO and management team for its subsidiary, ADOR. This development unfolds amid a brewing dispute involving the current ADOR CEO, Min Hee-jin, who stands accused of assuming control of the subsidiary. The conflict intensified after an audit of ADOR's employees was conducted last Thursday.
Will Min be forced to step down?
Despite reports of her replacement with a new CEO, Min continues to hold her position as the CEO of ADOR, as of now. However, there is widespread speculation that she may be compelled to step down in an upcoming shareholders' meeting, aligning with HYBE's initial intentions. HYBE, which owns an 80% majority stake in ADOR, is anticipated to exercise its voting rights at this meeting.
HYBE's plans for upcoming shareholders' meeting
As the next shareholders' meeting looms, HYBE is allegedly gearing up to unveil plans for establishing a new label and team for NewJeans. The company also intends to reveal the results of its audit into ADOR during this gathering. Furthermore, HYBE has announced it will provide additional evidence suggesting a long-term plot to stage a coup within the company. An extraordinary general meeting (EGM) of shareholders is scheduled later this month, on May 31.
Min's response to allegations and audit
In response to the allegations, Min is expected to deny any wrongdoing and assert that HYBE respects the five-year CEO term agreement previously reported by the company's shareholders. Earlier, she had criticized HYBE's audit team for conducting what she termed an "illegal audit based on irrational issues." However, HYBE countered this claim stating that the audit was carried out "legally and without coercion, with the auditee's consent."
This is how netizens reacted to the latest development
On this latest development, netizens have responded with a mix of surprise and disappointment. "It's the fact that HYBE is still doing this even while public opinion is going downhill," expressed one user. Criticism of HYBE's approach was palpable, with one individual remarking, "HYBE is shameless to do this so publicly...it's mind-boggling." Another user added, "NewJeans and Min Hee-jin met at the wrong agency."
