On August 28th, Min Hee-jin’s representatives released an official statement stating that during a meeting held at 1 PM on August 27th, ADOR’s board of directors had removed her from her position as CEO. They emphasized that this decision went against the shareholder agreement and court order which prohibited the exercise of voting rights.
The statement further clarified that the reports claiming “Min Hee-jin will step down as CEO but remain an internal director at ADOR and solely focus on producing duties for NewJeans”are misleading and untrue. The materials distributed by ADOR’s board falsely suggest that Min Hee-jin voluntarily chose to relinquish her CEO position and solely take on producing tasks. This portrayal is deceptive and goes against the unilateral decision made by ADOR’s board to assign Min Hee-jin to producing duties.
The court’s ruling made it clear that HYBE’s accusations against CEO Min Hee-jin were unfounded. Despite this, the majority of the directors on ADOR’s board, who were appointed by HYBE, chose to dismiss her from her role as CEO. In addition, they manipulated the truth in an attempt to deceive the public into thinking that her departure was not a termination.
On August 27th, ADOR announced that Kim Joo-young has been appointed as the new CEO during the board meeting. While Min Hee-jin will be stepping down from her role as CEO, she will continue to serve as an internal director at ADOR and fulfill her producing responsibilities for NewJeans.
The information was obtained from the news source Nate, which can be found at https://news.nate.com/view/20240828n04218?mid=n1008.
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