During the press conference on May 31st, ADOR CEO Min Hee-jin addressed the ongoing dispute with HYBE, which has been ongoing for over a month. This came the day after she won the first round of legal battles on May 30th, allowing her to temporarily maintain her CEO position. In contrast to her previous press conference on April 25th, where she displayed tears and used harsh language, CEO Min displayed a completely different demeanor this time. She responded to journalists’ questions in a sophisticated manner and even extended an olive branch to HYBE, suggesting a compromise for the betterment of both parties.
It is seen as unlikely by the industry that HYBE and Min Hee-jin will come to a compromise.
Despite the passing of May 31st, HYBE has yet to respond. Those familiar with the industry also believe that reconciliation is highly unlikely. Through the appointment of HYBE’s CHRO Kim Joo-young, CSO Lee Jae-sang, and CFO Lee Kyung-joon as new ADOR directors, HYBE – who holds 80% of ADOR’s shares – has effectively surrounded CEO Min. An individual with insider knowledge of HYBE stated, “HYBE’s stance remains uncompromising and they intend to resolve this matter through police investigations or legal action.”
Despite HYBE’s desire to dismiss CEO Min, it appears that they are not able to do so under commercial law, according to Attorney Lee Sook-mi who is the legal representative. It is also stated that HYBE will follow the court’s ruling on May 30th and will not take any action towards CEO Min’s dismissal until the police investigation concludes.
CEO Min emphasized once again that she is not motivated by power or financial gain and remains determined to fulfill the vision she has established for NewJeans. She made it clear that she plans to remain with ADOR and collaborate with NewJeans. However, when questioned about her contingency plan in case of termination, CEO Min evaded giving a straightforward response.
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