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It has come to light on May 22nd from sources within the investment banking (IB) industry that HYBE’s Chief Strategy Officer (CSO) Lee Jae-sang, alongside CHRO Kim Joo-young and CFO Lee Kyung-jun, are leading candidates to join the board of directors at ADOR. This development is anticipated for the upcoming extraordinary shareholders’ meeting scheduled for May 31st.
The forthcoming meeting is set to discuss two key issues: the replacement of three members of the current board, including CEO Min Hee-jin, and the subsequent appointment of their replacements. HYBE has been proactive in appraising prospects for the board of directors in view of the forthcoming changes.
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CSO Lee Jae-sang stands out as the foremost nominee for the role of CEO at ADOR. Lee was presented by HYBE as a board candidate for SM Entertainment during the period of HYBE’s attempted acquisition. Then leading HYBE America, Lee had been favored for the CEO position in the event of a successful acquisition of SM, emphasizing the need to reevaluate SM’s strategies and to adapt HYBE’s business model.
Kim Joo-young, the CHRO, is credited with a commendable HR background, shifting from Yuhan-Kimberly’s first female HR team leader to roles at Krafton before joining HYBE. CFO Lee Kyung-jun holds invaluable experience in accounting from Samil PwC, PwC Sydney to Kim & Chang, contributing to HYBE’s listing on KOSPI and serving as an internal director at Source Music, a HYBE subsidiary.
Rumors had been circulating about these executives being in consideration for ADOR’s board since the onset of the matter.
Other individuals speculated to be potential board members for ADOR include HYBE’s CLO Jung Jin-soo and Management Planning Head Lee Jin-hwa, both of whom were proposed for the SM Entertainment board during HYBE’s attempt to take over.
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If the court authorizes an injunction restricting voting rights against HYBE as filed by Min Hee-jin, it could lead to the ousting of two out of the three extant ADOR board members, giving HYBE a decisive advantage on the board and the ability to terminate Min Hee-jin’s role as CEO. Min Hee-jin could respond legally, asserting a violation of the shareholder agreement by HYBE.
In the forthcoming reorganization, HYBE aims to partition ADOR’s roles of production and management, a framework already in place across other HYBE labels, where Min Hee-jin single-handedly manages both areas.
As per a senior HYBE representative, “We are currently not making any official declarations regarding new board member appointments at the extraordinary shareholders’ meeting on May 31st. Nonetheless, streamlining expertise in their designated realms can enhance overall productivity. Complications tend to emerge when there’s a convergence of production and management roles in one individual.” Post-board restructuring, HYBE is likely to seek new talent for the production role.
Significant implications are expected for ADOR’s structure pending the court’s determination regarding the injunction.
Leaders from the ADOR team have submitted petitions backing Min Hee-jin against the injunction, likewise, members of NewJeans, ADOR’s only idol group, and their families have echoed this support.
The possibility of Min Hee-jin and the present ADOR board members being supplanted by HYBE’s executives could lead to the resignation of multiple ADOR personnel. HYBE has indicated that ” Personnel directly involved in the usurpation of control will be asked to resign. However, others bear no blame.”
Should a significant number of ADOR staff decide to leave, other HYBE labels such as Pledis or Belift Lab may provisionally manage NewJeans’ commitments. Park Ji-won, HYBE’s CEO, assured mothers of three members of NewJeans that HYBE’s specialists would take charge of the group’s Tokyo Dome concert preparations, although Min Hee-jin had not been forthcoming with the pertinent information.
Source: nate
FAQ Section
- Who is Lee Jae-sang?
- Lee Jae-sang is HYBE’s Chief Strategy Officer (CSO) and the leading candidate to become the new CEO of ADOR.
- What changes are expected at ADOR’s extraordinary shareholders’ meeting?
- The meeting will address the dismissal of the current board members including CEO Min Hee-jin and the appointment of new members.
- When is the shareholders’ meeting scheduled?
- The ADOR’s extraordinary shareholders’ meeting is scheduled for May 31st.
- What might happen if Min Hee-jin is removed as CEO?
- If removed, HYBE may restructure ADOR’s operations, to have separate heads for production and management, unlike the current structure under Min Hee-jin. Min Hee-jin may also take legal action against HYBE.
- What is the potential effect on NewJeans if there are changes in ADOR’s management?
- NewJeans’ operations may be taken over by other HYBE labels temporarily if many ADOR employees resign due to the management changes.
Conclusion Section
In conclusion, HYBE’s strategic moves within ADOR, including the potential appointment of Lee Jae-sang as CEO, are set to usher in a new era of leadership and operations for the label. With the upcoming shareholders’ meeting slated to potentially reshape the management landscape, stakeholders and fans are keeping a watchful eye on the developments that will follow. The intersection of corporate governance and creative direction will be pivotal in determining the future success of ADOR’s endeavours, particularly those involving the popular K-pop group NewJeans.