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In a recent development addressed by Tenasia on May 21st, it has been reported that HYBE is in the process of receiving further applications for the role of chief executive officer (CEO) for their subsidiary, ADOR. Applications are being accepted from internal and external candidates till May 24. Concurrently, it is mentioned that diligent inquiries and outreaches are being made to identify the right candidates for the CEO role. The industry is abuzz with speculation that the search for ADOR’s new CEO may expand beyond domestic circles to include international professionals with experience in the artist management sector.
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It is anticipated that HYBE will disclose their decision at the beginning of next week, following the culmination of the application and endorsement cycle. Before initiating the shareholders’ meeting scheduled to start on May 25, a detailed review and background check are set to be performed on the selected few. At the shareholders’ assembly on May 31, a new board for ADOR is expected to be formed along with the appointment of a new CEO.
Provided that everything progresses as per HYBE’s timeline, May 31 will mark the termination of Min Hee-jin from her CEO role, with an ensuing limitation on ADOR’s operations.
Despite this intended trajectory, HYBE is met with challenges that must be navigated. As the predominant shareholder of ADOR, holding 80% of its shares, HYBE has the leverage to dismiss Min Hee-jin through its voting right. Yet, Min Hee-jin has actively countered this move by filing a provisional injunction lawsuit aimed at preventing HYBE from utilizing its voting rights during the upcoming shareholders’ meeting.
The court held an inquiry regarding the provisional injunction placed by Min Hee-jin against HYBE on the 17th, the outcome of which is likely to significantly impact the following proceedings. The decision on the injunction will be made known to both parties before the shareholders’ meeting on the 31st.
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In the event that the injunction is denied, HYBE will have the authority to remove Min Hee-jin from her CEO duties immediately and proceed to reconstitute ADOR’s board of directors.
Conversely, if the court upholds Min Hee-jin’s provisional injunction, HYBE’s strategy will face a setback. Should this occur, HYBE may resort to lodging an appeal against the court verdict, bringing in new evidence, or calling for another provisional shareholders’ congregation.
In the interim, HYBE is focusing on the welfare of NewJeans members, ensuring support for their future ventures post the dismissal of CEO Min Hee-jin.
FAQ Section
Who is HYBE searching for as the new CEO of ADOR?
HYBE is looking for a new CEO for ADOR from both internal and external candidates, potentially including overseas professionals experienced in artist management.
When will HYBE announce the new CEO for ADOR?
HYBE plans to unveil their selection early next week after the application process concludes on May 24.
What significant event is set to happen on May 31?
If HYBE’s plans are successful, May 31 will be the day Min Hee-jin is relieved from her role as CEO of ADOR, and a new board of directors is expected to be established.
What is Min Hee-jin’s response to the potential dismissal?
Min Hee-jin has filed a provisional injunction lawsuit to prevent HYBE from exercising its voting rights at the shareholders’ meeting.
What could happen if the court sides with Min Hee-jin’s injunction?
If the court approves Min Hee-jin’s injunction, HYBE’s planned dismissal may be delayed, leading the company to consider an appeal or additional shareholder meetings.
Conclusion
The unfolding scenario between HYBE and its subsidiary ADOR reveals a contemplative period for the entertainment giant as it searches for a new CEO. With the shareholders’ meeting and court decisions pending, the industry and fans alike are poised to see how the corporate drama plays out. Amidst this, the continuity of support for NewJeans serves as a beacon of HYBE’s commitment to its artists, ensuring that despite corporate challenges, the creative endeavors will be upheld and fostered.