According to the Korea Exchange, on August 28, HYBE’s closing price was 182,000 won, marking a 2.94% increase of 5,200 won from the previous trading day. The stock had closed at 176,800 won the day before, but saw a significant surge to 186,400 won due to a large number of investors buying in response to the news of Min Hee-jin’s removal as CEO. This led to a 476% increase in trading volume.
According to market analysts, the removal of Min Hee-jin, the previous CEO of ADOR, was viewed as a beneficial decision. HYBE’s decision to separate production and management and enhance its multi-label structure was well-received and assessed positively.
On August 27, during a board meeting, ADOR announced the promotion of their internal director, Kim Joo-young, to the position of CEO. Min Hee-jin will remain as an internal director and will be responsible for overseeing the production of NewJeans.
The ADOR announced that its internal organization will now be restructuring to separate production and management. This decision is in line with the multi-label management principle that has been consistently implemented across all other labels. Previously, ADOR had been the only exception with the CEO overseeing both production and management.
On August 28, Min Hee-jin argued that the dismissal decision was in violation of the shareholder agreement and the injunction against exercising voting rights, and also highlighted procedural issues. However, HYBE and ADOR clarified that while internal directors are dismissed by the shareholders’ meeting, the CEO is chosen by the board of directors without the need for prior consent or consultation. They also stated that the shareholder agreement had already been terminated and that, according to commercial law, the board has the authority to replace the CEO regardless of any previous agreements.
The source for this information can be found at daum .
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