ADOR Vice President Lee ******** Controversy Over Posting Min Hee-jin’s Work Achievements on LinkedIn
🔗 [The Bell] HYBE Establishes ‘In-House Label’ ADOR… Finance & Global Support
Min Hee-jin, HYBE’s CBO (Chief Brand Officer) formerly from SM Entertainment, has taken the position of ADOR CEO. HYBE’s CFO and Global Strategy Team Head have joined as inside directors to provide support for finance and global business.
According to the entertainment industry on the 17th, HYBE recently established ADOR and completed its executive lineup. Led by CEO Min, Lee Kyung-jun (HYBE CFO) and Lee Chang-woo (Global Strategy Team Head) were appointed as inside directors.
🔗 [The Bell] ‘NewJeans Agency’ ADOR, ‘Enhanced Autonomy’ Through Bang Si-hyuk’s Trust
ADOR’s board of directors underwent its first changes since establishment earlier this year. At the end of April, CFO Lee and Team Head Lee resigned. In their place, key experts who had built ADOR alongside CEO Min and nurtured NewJeans joined the board.
First, VP (Vice President) Shin Dong-hoon was newly appointed as an inside director. VP Shin built his career at SM Entertainment alongside CEO Min. CEO Min has previously expressed strong trust in VP Shin, calling him a “human ethics textbook.”
Kim Ye-min, Senior Creative Director, who became an inside director alongside VP Shin, also worked at SM Entertainment with CEO Min. He joined SM Entertainment as a new employee in 2013 and worked on numerous projects together with CEO Min.
Regarding this, a HYBE representative said, “This is to strengthen ADOR’s artist management and production capabilities.”
[Multiple Media Outlets] Used expressions like “CEO Min Hee-jin’s side controls ADOR’s board of directors.”
🔗 [Exclusive] HYBE Demands “Min Hee-jin Should Resign”… Requests to Convene NewJeans Agency’s Shareholders’ Meeting
Whether a shareholders’ meeting will be held at ADOR as HYBE demands remains uncertain. Convening a shareholders’ meeting requires a decision by ADOR’s board of directors, and CEO Min Hee-jin’s side controls ADOR’s board.
🔗 HYBE Turns to Sharp Decline… ‘Taking NewJeans to Go Independent?’
However, whether a shareholders’ meeting will be held at ADOR as HYBE demands remains uncertain. Convening a shareholders’ meeting requires a decision by ADOR’s board of directors, and CEO Min Hee-jin’s side controls ADOR’s board.
🔗 Bang Si-hyuk – Min Hee-jin Conflict… HYBE Market Cap Evaporates by 850 Billion Won
HYBE plans to file for an injunction to hold a shareholders’ meeting as the largest shareholder. This is because CEO Min’s faction controls ADOR’s board of directors.
🔗 HYBE vs ADOR? Ultimately ‘Min Hee-jin’s Rebellion’ [Issue & Talk]
Since CEO Min controls the current ADOR board, and third-party allocation capital increase can be executed through board approval, the industry view is that ADOR and CEO Min’s attempted management takeover is not necessarily a lost cause.
ADOR held an extraordinary shareholders’ meeting at an undisclosed location in Seoul on the morning of this day and appointed Kim Ju-young (CHRO/Chief Human Resources Officer), Lee Jae-sang (CSO/Chief Strategy Officer), and Lee Kyung-jun (CFO/Chief Financial Officer)—all recommended by HYBE—as new inside directors.
VP Shin and Director Kim, who were existing ADOR inside directors and close associates of CEO Min, were dismissed.
🔗 [The Bell] HYBE CEO Lee Jae-sang Resigns from ADOR Board… Why
HYBE CEO Lee Jae-sang has left ADOR’s board of directors. He stepped down from his position as ADOR inside director at the end of July. As a result, CEO Lee is not, at least on the surface, directly involved in the structure to dismiss Director Min Hee-jin from her position as ADOR CEO.
According to industry sources, CEO Lee resigned from his position as ADOR inside director on July 30. This was about a week after he was appointed as HYBE’s head.
However, this doesn’t mean ADOR’s board size decreased. Rather, it appears to have increased. Shortly after CEO Lee’s resignation, inside director Lee Do-kyung and outside director Kim Hak-ja joined ADOR’s board. While the board previously consisted only of one CEO and three inside directors, one outside director has been added. If the added directors are HYBE-affiliated personnel, HYBE can continue to maintain its control over ADOR’s board.
Currently, ADOR’s board is led by CEO Kim Ju-young, with inside directors Min Hee-jin, Lee Do-kyung, and Lee Kyung-jun (HYBE CFO), and Kim Hak-ja serving as outside director. A HYBE representative said, “We cannot confirm matters related to the outside director.”
🔗 [The Bell] ADOR Board, 90 Days of Change… ‘CEO Replacement’ Was a Predicted Outcome
ADOR’s board composition changed again in August. Former CSO Lee stepped down from his inside director position and Lee Do-kyung, HYBE IPX Vice President, newly joined. This was because former CSO Lee was appointed as HYBE CEO at the end of last month.
This is an announcement from ADOR.
We held a board meeting on the 27th and appointed Kim Ju-young, an ADOR inside director, as the new CEO.
New CEO Kim Ju-young is an HR expert with experience across various industries and will be responsible for organizational stabilization and internal restructuring at ADOR.
Former CEO Min Hee-jin is stepping down from the CEO position but will retain her position as an ADOR inside director. She will also continue to handle NewJeans’ producing work.
Along with this, ADOR’s internal organization will also separate production and management. This was a multi-label operation principle that had been consistently applied to all other labels, but ADOR had been an exception where the CEO oversaw both production and management.
With this personnel change and organizational restructuring, ADOR plans to spare no support for NewJeans’ growth and greater success.
Thank you.
🔗 [Maeil Business Newspaper] Min Hee-jin’s Side: “ADOR CEO Change Was a Unilateral Dismissal”
As ADOR’s CEO changed from Min Hee-jin to Kim Ju-young, Min Hee-jin’s side stated their position, calling it a “unilateral notification.”
On the 27th, a representative from Min Hee-jin’s side told Maeil Business Star Today, “On Saturday the 24th, we were suddenly notified that a board meeting would be held on the 27th regarding the CEO change, and (Min Hee-jin) attended the board meeting by phone,” and claimed, “The dismissal resolution was made unilaterally regardless of Min Hee-jin’s wishes. This is a serious violation of the shareholders’ agreement.”
They added, “The company announced that CEO Min Hee-jin will continue NewJeans’ producing, but this was also a unilateral notification. There was no consultation.”
