Min Hee-jin "Surprise contact of the board → Violation of contract"vs Hive "Legal dismissal → Choice for New Jin's"
Aug 27, 2024
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In a press release at 3:55 on the 27th, Adore said, `We held a board meeting on the 27th and appointed Kim Joo-young, the inside director of Adore as the new CEO. Kim Joo-young, the new CEO, is a HR expert with experience in various industries and will take on the role of stabilizing the organization and internal maintenance of the company,' he said in a statement.
While the music industry is in turmoil due to the unexpected surprise announcement by Adore, Adore described the future residence of former CEO Min Hee-jin, who was "dismissed", as "Former CEO Min Hee-jin will step down as CEO but will remain in the post of Adore's executive director. You will also be in charge of producing Newzins. Adore, who said he would operate production and management separately in the future, brought up 'principles' that had been applied to all labels as the reason for this decision. Adore was the "Multi-label Operational Principle" that had been consistently applied to all other labels, but the CEO has been in charge of both production and management except for Adore," he added.
Lastly, I didn't forget the comment that would soothe the fan's confusion. "With this personnel and organizational overhaul, Audor plans to spare support for the growth and greater success of Newgens," said Audor.
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The decision was made regardless of the intention of former representative Min Hee-jin. (Dismissal of Dorr's CEO position) itself is a violation of the contract between shareholders" he raised his voice.
Naturally, he expressed his displeasure with Hive's unilateral announcement that former CEO Min Hee-jin will continue to take charge of producing Newgene's even after the dismissal of the CEO. Former representative Min Hee-jin said "It has not been discussed in advance that we will continue producing Newzins. It was a one-sided notice" he complained.
When former CEO Min Hee-jin conveyed his position to the media through his legal representative, Hive immediately distributed his position to refute it one by one. Hive issued a second press release under the name of Adore at around 6:35 p.m., about three hours after the announcement of former CEO Min Hee-jin's dismissal. "Today, the Board of Directors of the Board of Directors was legally conducted in accordance with the procedures set by the Commercial Act and the articles of association, including the notification of the agenda and the handling of the vote," Adore said. "The schedule for the board meeting was set among the dates that former CEO Min Hee-jin had hoped for a postponement."
He then stressed that while former CEO Min Hee-jin attended the board meeting by video, the board made the 'best choice' for the future of Adore and Newzins after sufficient discussion.
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In addition, there was a difference of opinion on producing Newzins. Former CEO Min Hee-jin expressed displeasure at Hive's unilateral notification, saying, `It was not a pre-consultation,' on the issue of focusing on producing New Gene's instead of managing Adore in general after being dismissed as CEO. In response to former representative Min Hee-jin's position, Hive's side threw a bone message of 'Best Choice for the Future of Newzins'. This is unspoken pressure from Hive, who holds the lifeline of Newzins. Attention is focusing on whether former CEO Min Hee-jin will be able to protect the New Jins after being dismantled from Hib.
soulhn1220@sportschosun.com
