CEO Min Hee-jin Comments on the Dismissal of ADOR’s CEO
Aug 28, 2024
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On August 27, at a board meeting held at 1 p.m., Min Hee-jin was dismissed as CEO of ADOR. This decision is being challenged as an illegal action that directly contradicts the terms of the shareholder agreements and voting rights.
“HYBE’s attempt to terminate the inter-shareholder contract has no basis,” Min Hee-jin stated. “I have not acknowledged the termination of this contract. Thus, the dismissal is a clear violation of the shareholder agreement and disregards the court’s decision.”
Reports have emerged stating that Min Hee-jin will step down from his CEO position but will remain as an inside director at ADOR, continuing her work on producing NewJeans. “These reports are misleading,” Min Hee-jin's side said. “The claim that I resigned is false. The dismissal was made against my will, and the board only unilaterally notified me of their decision. Presenting this as a voluntary resignation is deceiving the public.”
Min Hee-jin's side also criticized the procedural aspects of the board’s decision. “The board’s recent amendment to the articles of incorporation, which shortened the notice period for convocations from one week to one day, appears to be a deliberate attempt to prevent any response to the dismissal,” she said. “The agenda for this meeting was only communicated to me on August 24.”
The court had previously ruled that there was no reason to dismiss CEO Min Hee-jin. Despite this, the board, composed largely of HYBE-appointed directors, decided to proceed with the dismissal and distorted the facts to mislead the public.
Min Hee-jin concluded, “The dismissal is not only a breach of the shareholder agreement but also an illegal act that disregards the court’s ruling.”
▶ Full text of Min Hee-jin's position
Hello, this is the Sejong Law Firm and Macoll Consulting Group, representing CEO Min Hee-jin of ADOR in media communications.
On August 27, at 1 p.m., the board of directors dismissed Min Hee-jin as CEO.
This decision is an illegal act that contravenes the terms of the shareholder agreement and the court’s decision.
According to the inter-shareholder contract, HYBE is required to support Min Hee-jin in maintaining the CEO and executive director positions at ADOR for five years or ensure that a director nominated by HYBE supports this position.
On May 31, HYBE attempted to hold an extraordinary shareholders' meeting regarding Min Hee-jin's role, but the court issued a provisional injunction preventing HYBE from exercising voting rights in favor of this action.
HYBE’s claim of contract termination is unfounded, and Min Hee-jin has not acknowledged this termination. Therefore, the dismissal is a violation of the shareholder agreement and the court’s decision.
Recent media reports falsely state that Min Hee-jin will step down as CEO but remain as an inside director and continue producing NewJeans. This is based on misleading data from the board of directors. Min Hee-jin was dismissed against her will, not resigned, and the board unilaterally imposed a production role on her.
The procedural issues with the board’s decision are significant. The articles of incorporation originally required a one-week notice for board meetings, but an amendment shortened this to one day. This change likely prevented any meaningful response to the dismissal.
The court’s ruling indicated that Min Hee-jin did not have a valid reason for dismissal. Nonetheless, the board, largely composed of HYBE-appointed directors, dismissed her and distorted the facts to mislead the public.
Once again, this dismissal represents a breach of the shareholder agreement and an illegal decision that ignores the court’s ruling.
olzllovely@sportschosun.com
