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Min Hee Jin outed as ADOR CEO and replaced by HYBE without her consent? Alleged removal shocks fans
Min Hee Jin claims she has been removed from ADOR's CEO position without consent. She has accused HYBE of taking unilateral decision. Read on!
In a shocking turn of events, Min Hee Jin has claimed that HYBE removed her from ADOR’s CEO position against her will. Although she will continue to be on board as NewJeans’ producer, her side has claimed that the decision of her removal is unilateral. She has commented that this is a clear violation of the shareholders’ contract.
On August 27, several Korean media outlets reported on Min Hee Jin’s shocking response to her removal as ADOR’s CEO. Her side claimed that she suddenly received the notice on August 24 that a board meeting would be held on August 27, which she attended via phone call.
Her representative further stated that the decision to remove her from the CEO position was made unilaterally without her consent, saying that it was a grave violation of the shareholder agreement.
According to the Korean JoongAng Daily’s report, Min Hee Jin’s side claimed that although she will be staying on board as NewJeans’ producer, the decision was also not discussed with her beforehand. Her legal representative first revealed the shocking twists. However, nothing has been decided yet regarding her next step in this power battle.
Meanwhile, Min Hee Jin’s removal from the CEO position is an outcome of a long feud with HYBE, which stemmed from her being accused of scheming to use ADOR’s management rights from the parent company.
On August 27, It was announced that she will no longer serve as the agency’s CEO. Kim Joo Young, ADOR’s internal director, has been appointed as the new chief executive officer of ADOR.
According to the Financial Supervisory Service's electronic disclosure system, the parent company already terminated the shareholders' agreement with former CEO Min Hee Jin. HYBE also filed a confirmation lawsuit related to the termination of the shareholders' contract, as disclosed in its semi-annual report. Considering the timing of the lawsuit, K-media specualtes the estimated of time of the termination must have been in July.
With this, Min Hee Jin lost her mechanism to ensure her position as ADOR’s CEO till November 2026, Additionally, her right to request HYBE to purchase 75% of the ADOR shares she owned has been dismissed.
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