A number of fresh adjustments were made at the highly anticipated shareholders’ meeting between HYBE and ADOR on Friday in Seoul. Three of HYBE’s executives were appointed to the board of its sublabel ADOR, according to a Korea Times story. Min Hee-jin will continue to serve as the CEO of ADOR, nevertheless.
ADOR and HYBE had a shareholders’ meeting.
Hee-jin was supposed to be fired by HYBE as CEO of ADOR during Friday’s shareholder meeting. It said she plotted to take over the corporation with the help of aides. She has refuted the accusations. HYBE owns eighty percent of Ador. The location of the shareholders’ meeting was kept a secret. It was carried out in accordance with the court’s ruling on Thursday, which granted an injunction to stop HYBE from using its right to vote at the shareholders’ meeting to fire Hee-jin.
What recent adjustments have been made?
The three new board members are Chief Financial Officer Lee Kyung-jun, Chief Strategy Officer Lee Jae-sang, and Chief Human Resources Officer Kim Ju-young of HYBE, according to sources cited by the Korea Times. The roles of Kim and Shin, two of the former board members, were eliminated from ADOR. They were Hee-jin’s close aides. According to reports, HYBE plans to send the three executives who are aware of the situation in order to clear up any uncertainty among ADOR staff members.
HYBE now has more board control.
HYBE now has additional authority over the board according to the updated organisational structure. On April 22 of this year, HYBE and ADOR began their feud. Due to concerns that Hee-jin was trying to take over her company, HYBE had audited ADOR’s management.
The court’s decision
Hee-jin had “clearly” wanted independent control over ADOR, according to a ruling made on Thursday by the Seoul Central District Court. She never made it to the point of actual implementation, though. The court went on to say that, contrary to HYBE’s assertions, it amounted to “betrayal” rather than “breach of trust”.
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