The ongoing saga between HYBE and its subsidiary label, ADOR, has dominated discussions within the K-Pop industry for more than a month, with no signs of abating. What began as a dispute between the parent company and ADOR’s CEO, Min Hee-jin, over purported attempts at an unauthorized takeover, has now evolved into a significant legal battle.
Has HYBE Chosen A New Management Team And CEO Replacing Min Hee-jin At ADOR? Here's What We Know
Amid takeover controversy, it has been reported that HYBE has replaced ADOR CEO and has appointed a new management team.
On May 12, several outlets have reported that the parent company has appointed a new CEO and completely revamped the management team at ADOR, replacing Min Hee-jin. Despite Hee-jin currently retaining her CEO position, numerous reports suggest she may face pressure to resign at an upcoming shareholders’ meeting.
HYBE commands a significant 80% stake in ADOR. The company intends to utilize its voting rights in the upcoming meeting to establish a new team for the label, which is home to popular group, NewJeans. Furthermore, the label is anticipated to disclose the findings of its audit into ADOR during this meeting.
In addition to presenting its audit report, the label plans to offer further evidence indicating that the company has been planning a coup for some time now. As per reports, Hee-jin is expected to attempt to refute these allegations and argue that HYBE should honour the previously reported five-year CEO term agreement agreed upon by the company’s shareholders.
Despite the parent company’s ability to rally massive fan support, sentiment hasn’t exactly been in favour of HYBE, with many believing that Min Hee-jin’s perspective holds equal amount of credibility.
One commented, “It’s the fact that HYBE is still doing this even while public opinion is going downhill.” Another wrote, “Min Hee Jin if you leave, we’ll boycott HYBE.” A third one wrote, “Min Hee Jin hasn’t been kicked out yet, so the fans and the public are still favorable to her. But if she’s really kicked out, public opinion of HYBE will eventually improve.” One more commented, “Wishing NewJeans a safe escape.. They’re stuck among the old men and they’re just suffering.”
Meanwhile, irrespective of the feud, HYBE has promised full support to NewJeans and their highly-anticipated summer comeback.
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