It has been reported that HYBE has requested a shareholders’ meeting in response to the actions of the board of directors at its subsidiary label ADOR (led by CEO Min Hee-jin).
On April 22, sources within the music industry reported that HYBE had sent a letter to ADOR CEO Min Hee-jin, demanding her resignation on the same day. It has been verified that HYBE also called for a shareholders’ meeting aimed at the board of directors of ADOR.
The board of directors at ADOR has been closely associated with CEO Min Hee-jin since her tenure at SM Entertainment. It is unclear if ADOR’s management will comply with the request for a shareholders’ meeting. In the event that ADOR declines to hold a shareholders’ meeting, HYBE is anticipated to pursue legal measures.
In contrast, on the same day, it was reported that HYBE had launched an investigation into CEO Min Hee-jin and an executive of ADOR, Mr. A, following allegations of unlawful actions such as attempting to reveal confidential contracts in order to secure investment and promote ADOR’s independence from HYBE.
In the music industry, there have been speculations that CEO Min Hee-jin is planning to break away from HYBE and its popular artist NewJeans. There have also been claims of a potential corporate acquisition.
There is a lot of concern surrounding the potential negative impact on the return of NewJeans, a group under ADOR, as a result of the major conflict between HYBE and ADOR.
At the same time, NewJeans has announced their plans to drop a double single in Korea on May 24 and in Japan on June 21. They also have a new album set for release in the latter half of the year, followed by a world tour in 2025.
The source can be found on Daum at //v.daum.net/v/20240422160705961.
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