In a surprising turn of events, HYBE has called for a shareholders’ meeting in opposition to the board of directors at its subsidiary, ADOR, which is led by CEO Min Hee-jin.
Sources within the music industry report that on April 22, HYBE formally requested the resignation of ADOR CEO Min Hee-jin. HYBE’s letter also called for a shareholders’ meeting focusing on ADOR’s board of directors.
![HYBE Subsidiary CEO Min Hee-jin Under Scrutiny, ADOR’s Direction and NewJeans’ Future Releases in Question 3 Min Hee-jin](https://i0.wp.com/theubj.com/uae/wp-content/uploads/2024/04/min-hee-jin-1-080523.jpg?resize=557%2C653)
It appears that the board of directors at ADOR have been long-standing allies of CEO Min Hee-jin since her prior tenure at SM Entertainment. The outcome of whether ADOR will adhere to the demand for a shareholders’ meeting is not yet clear. Should ADOR decline to take such action, HYBE might resort to legal measures.
Furthermore, on the same day, there were reports of HYBE commissioning an audit of CEO Min Hee-jin and another executive at ADOR, Mr. A, on suspicions of illegal attempts to divulge confidential contracts for investment purposes, among other undertakings to help ADOR gain autonomy from HYBE.
CEO Min Hee-jin is reportedly gearing up for independence from HYBE, leading to rumors of a corporate takeover, along with their prized group, NewJeans.
Consequentially, there is growing concern over the impact of these corporate disputes on NewJeans’ upcoming releases and promotions, as the group is managed by ADOR.
NewJeans has scheduled the release of a double single in Korea on May 24 and Japan on June 21, with a new album planned for later this year, and a world tour set for 2025.
Source: Daum
FAQ
- Who is Min Hee-jin?
- Min Hee-jin is the CEO of ADOR, a subsidiary label under HYBE Corporation.
- What has HYBE requested from ADOR?
- HYBE has requested the resignation of ADOR CEO Min Hee-jin and called for a shareholders’ meeting focusing on its board of directors.
- Could NewJeans’ upcoming releases be affected by the conflict between HYBE and ADOR?
- There is speculation that NewJeans’ scheduled releases and world tour could be impacted, although no specific consequences have been confirmed.
- What are the accusations against CEO Min Hee-jin and ADOR?
- The accusations include illegal attempts to share confidential contracts to attract investment and ADOR striving for independence from HYBE.
Conclusion
The ongoing discord between HYBE and ADOR raises questions about the future of ADOR and its managed artists, specifically NewJeans. As both the legal and corporate aspects of this dispute unfold, stakeholders and fans alike are closely monitoring the situation to understand the potential ramifications for planned releases and activities. Only time will tell how this power struggle will ultimately affect the operations of ADOR and the trajectory of NewJeans’ budding career.