Several new changes have been made between HYBE and ADOR at the much-anticipated shareholders meeting held in Seoul on Friday. As reported by Korea TimesHYBE has added three of its executives to the board of its sublabel ADOR. However, Min Hee-jin will retain her position as ADOR’s CEO. (Also Read | HYBE chairman Bang Si-hyuk calls ADOR’s Min Hee-jin a ‘malicious person’ in first public statement)
HYBE, ADOR hold shareholders meeting
HYBE had previously planned to remove Hee-jin as ADOR CEO during Friday’s shareholder meeting. She is accused of conspiring with associates to seize control of the company. She has denied the allegations. HYBE owns an 80 percent stake in Ador. The shareholders’ meeting was held at an undisclosed location. It was held in line with a court ruling on Thursday that granted an injunction to prevent HYBE from exercising its voting rights at the shareholders’ meeting to remove Hee-jin.
Have any new changes been made?
According to Korea Times’ sources, the three new board members are HYBE’s chief human resources officer Kim Joo-young, chief strategy officer Lee Jae-sang, and chief financial officer Lee Kyung-jun. The previous two board members, identified as Kim and Shin, were removed from their positions at ADOR. They were close associates of Hee-jin. Reportedly, HYBE wants to clear up confusion among ADOR employees by introducing the three executives to the situation.
HYBE now in more control on the board
The new board structure gives HYBE more control over the board. The dispute between HYBE and ADOR began on April 22 this year. HYBE had initiated an audit into ADOR’s management, as they suspected that Hee-jin had attempted to seize control of their company.
Court ruling
On Thursday, the Seoul Central District Court said that Hee-jin had “clearly” sought independent control of ADOR. However, she did not reach the actual implementation stage. The court further said that this amounted to “betrayal” but not the same as the “betrayal” claimed by HYBE.
