HYBE has issued a statement in response to former ADOR CEO Min Hee Jin’s filing for an injunction seeking reappointment as CEO and inside director of ADOR.
On September 13, HYBE stated, “The shareholder agreement between HYBE and former CEO Min Hee Jin has already been terminated. Once the agreement is terminated, its legal effect is void. A lawsuit has been filed to confirm the termination of the shareholder agreement, and we are awaiting the court’s decision.”
HYBE further noted, “The decision to dismiss Min Hee Jin as CEO was made independently by ADOR’s board of directors as part of a business management decision. It is unrelated to HYBE or the shareholder agreement.”
The agency added, “We regret that Min Hee Jin, who has long emphasized the importance of ADOR’s independent management as a separate entity, is not respecting ADOR’s board of directors’ decision.”
Earlier today, Min Hee Jin filed an injunction to seek reappointment as both inside director and CEO of ADOR. Her team argues that the dismissal violated the shareholder agreement that guarantees her a five-year term in both roles, which they claim is still in effect.
Previously on August 27, ADOR announced that Min Hee Jin would no longer be serving as CEO of the company but that she would continue to produce NewJeans’ content as an internal director at ADOR. Following the incident, all five members of NewJeans held a live broadcast on YouTube on September 11, issuing an ultimatum to HYBE to reinstate Min Hee Jin as CEO by September 25.
Source (1)
Top Photo Credit: HYBE, Xportsnews