On May 31st, ADOR’s CEO Min Hee-jin conducted a press conference at the Korea Press Center in Jung-gu, Seoul. Prior to this, during the shareholders’ meeting on the same day, HYBE made the decision to replace all of ADOR’s board members, who were associated with Min Hee-jin, with HYBE executives.
During the press conference, Min Hee-jin expressed her belief that HYBE was also paying attention to her statements. She hoped for a compromise to be reached and suggested constructive discussions for their next steps, stating that the court had already determined that ADOR did not breach trust.
“During a press conference, she emphasized that time was of the essence and stated, “If the board of directors gives quick approval, we will be able to schedule a meeting for the 10th of June.”This was her way of publicly announcing the urgency of the matter.”
“She requested, “If HYBE has any plans for ADOR and NewJeans, I would appreciate discussing them with me.”
Although, Min Hee-jin has not been in communication with HYBE’s Chairman Bang Si-hyuk since the audit of ADOR on April 22nd.
Immediately after the press conference concluded, the stock price of HYBE, which had been at 193,000 won, experienced a sharp increase to 207,000 won (a 1.47% increase).
Despite CEO Min Hee-jin’s remarks triggering changes, the stock price ultimately closed at 200,000 won, experiencing a decline of 4,000 won (1.96%) from the previous day, leaving many people surprised.
In the meantime, Chief Judge Kim Sang-hoon of the Seoul Central District Court’s Civil Agreement Division 50 granted Min Hee-jin’s injunction request to prevent HYBE from exercising their voting rights. This prevented HYBE from removing Min Hee-jin as CEO of ADOR, but the conflict within the company is likely to persist as HYBE executives have now assumed control of ADOR’s board of directors.
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