ADOR Maintains Min Hee-jin's Role as In-House Director Amid NewJeans Demands
Sep 25, 2024
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On the morning of the 25th, ADOR held a board meeting and decided to convene an extraordinary general meeting of shareholders to re-elect former ADOR CEO Min Hee-jin as an in-house director. HYBE, a major shareholder with an 80% stake in ADOR, also expressed support for the proposal.
Former CEO Min, who attended the board meeting in her capacity as an in-house director, reportedly indicated her willingness to accept re-election for a three-year term. Additionally, the production proposal from former CEO Min will remain in place. On the 11th, ADOR proposed that former CEO Min take charge of production for five years, coinciding with the remaining contract period of NewJeans, but she declined the offer.
However, the demand from former CEO Min and the NewJeans members for her return to the representative position was not accepted. NewJeans requested HYBE to reinstate former CEO Min during a live broadcast on the 11th, but the board maintained its stance of 'unacceptable.'
In summary, ADOR and HYBE reached a compromise by refusing to reinstate the leadership while considering the in-house director's input and maintaining the production plan in response to the demands from NewJeans and former CEO Min.
The next step lies with Min and NewJeans. On the same day, ADOR communicated the board's discussions and outcomes to its members via email. ADOR anticipates that discussions regarding specific conditions will occur in the future, as basic guarantees have been established concerning Min's status, duration, and authority as a producer for NewJeans.
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