ADR’s CEO, Min Hee-jin, represented legally by Sejong Law Firm and whose media affairs are managed by Macoll Consulting Group, is set to hold a press conference today to clearly position herself regarding the shareholders’ meeting.
The press event is slated to commence at 2:30 PM, extending till 3:20 PM. Prior to the main event, a short photo opportunity is planned from 2:20 PM to 2:23 PM.
In a development that rocked the music sector, ADOR assembled for an exceptional shareholder meeting in a clandestine venue in Seoul earlier today. The gathering resolved to induct new board members Kim Joo-young (CHRO), Lee Jae-sang (CSO), and Lee Kyung-joon (CFO), upon recommendation from HYBE, as the latest internal directors.
It was noted that the prior internal directors of ADOR, Shin and Kim, who were perceived as close to CEO Min, were relieved of their duties.
While HYBE’s original intention for this particular shareholders’ meeting was to dismantle CEO Min Hee-jin’s tenure, the Seoul Central District Court’s Civil Section 50, under the jurisdiction of Chief Judge Kim Sang-hoon, ruled in favor of CEO Min on May 30th. It granted an injunction against HYBE’s voting rights enforcement, thereby preserving her CEO status.
HYBE previously set off a probe into ADOR’s operational management on April 22nd, leveling an accusation of a takeover attempt and launching a breach of duty lawsuit against CEO Min and associates.
CEO Min Hee-jin vehemently refuted these allegations, her response being, “This is not true.” She posited that HYBE’s maneuvers were in retaliation to her disclosing concerns about ILLIT, a female group at Belift Lab, mimicking the concept of NewJeans, an act under her leadership.
A marked amount of curiosity surrounded CEO Min’s inaugural contingency media event where she expressed strong criticism toward HYBE. This prompted heightened attention.
The anticipation surrounding CEO Min’s stance is further intensified by the prospect of another press briefing.
Frequently Asked Questions About ADOR’s Extraordinary Shareholders’ Meeting
- What is the purpose of CEO Min Hee-jin’s press conference?
- CEO Min Hee-jin’s press conference is intended to clarify her position on the extraordinary shareholders’ meeting and the recent developments involving ADOR and HYBE.
- When and where will the press conference take place?
- The press conference is scheduled for 2:30 PM to 3:20 PM, with a photo session from 2:20 PM to 2:23 PM. The exact location was not disclosed.
- What was the outcome of ADOR’s recent extraordinary shareholders’ meeting?
- During the meeting, HYBE-recommended candidates Kim Joo-young, Lee Jae-sang, and Lee Kyung-joon were appointed as new internal directors, while existing directors close to CEO Min were dismissed.
- Did HYBE succeed in removing CEO Min Hee-jin?
- No, CEO Min Hee-jin retained her position due to an injunction granted by the Seoul Central District Court, which blocked HYBE’s use of their voting rights against her.
- What were the allegations made by HYBE against CEO Min Hee-jin?
- HYBE accused CEO Min Hee-jin and others of attempting a takeover and filed charges of breach of duty.
- How did CEO Min Hee-jin respond to HYBE’s allegations?
- CEO Min Hee-jin denied the allegations, stating they were false and suggesting that HYBE’s actions were a retaliatory measure for her raising issues regarding potential plagiarism by another group.