ADOR Board Proposes Compromise: ‘Remain Inside Director, Not CEO’ to Min Hee-jin
ADOR, the agency of NewJeans, held a board meeting on the 25th—the deadline set by the members—and decided to pursue an extension of former CEO Min Hee-jin’s term as internal director.
However, the company decided not to accept former CEO Min’s reinstatement as CEO.
According to music industry sources, ADOR held a board meeting this morning and resolved to convene an extraordinary general meeting of shareholders to reappoint former CEO Min as an internal director. Former CEO Min is reported to have attended the board meeting in her capacity as internal director.
Former CEO Min reportedly indicated her willingness to accept reappointment as internal director for a three-year term while maintaining her position demanding reinstatement as CEO.
However, the ADOR board of directors reportedly decided that it was difficult to accept the demand for reinstatement as CEO.
ADOR has decided to pursue an extension of former CEO Min’s term as internal director through an extraordinary general meeting of shareholders. However, the company decided not to accept former CEO Min’s reinstatement as CEO.
ADOR held a board meeting this morning on the 25th and resolved to convene an extraordinary general meeting of shareholders to reappoint former CEO Min as an internal director. Former CEO Min is reported to have attended the board meeting in her capacity as internal director.
Former CEO Min reportedly indicated her willingness to accept reappointment as internal director for a three-year term while maintaining her position demanding reinstatement as CEO. However, the board of directors reportedly decided that it was difficult to accept the demand for reinstatement as CEO.
ADOR resolved at today’s board meeting to convene an extraordinary general meeting of shareholders to reappoint Director Min Hee-jin as an internal director.
ADOR had already made a proposal to Director Min Hee-jin on the morning of September 11th, asking her to take charge of NewJeans’ producing for the next five years. Five years is the entire remaining period of the contract with NewJeans.
However, the ADOR board of directors discussed today that the demand for reinstatement as CEO cannot be accepted at this time.
As basic guarantees have been made regarding her position as the producer in charge of NewJeans’ productions, including the period and authority, we expect that negotiations on specific terms will proceed going forward.
We have sent a detailed response via email to the NewJeans members regarding the matters discussed at today’s board meeting and various inquiries.
Hello.
This is Macoll Consulting Group, handling media communications together with Shin & Kim LLC, which represents former ADOR CEO Min Hee-jin.
This morning, the ADOR board of directors resolved to convene an extraordinary general meeting of shareholders with the agenda of reappointing former CEO Min Hee-jin as an internal director. However, since the appointment of internal directors is decided by HYBE, the majority shareholder, it is unknown at this point whether former CEO Min Hee-jin will be reappointed as an internal director.
Meanwhile, the ADOR board of directors claims that on the morning of September 11th, they proposed to former CEO Min Hee-jin to take charge of NewJeans’ producing for the next five years. However, there was only talk of extending the contract period, and there was no sincere proposal whatsoever, such as removing the numerous poison pill clauses including the unilateral termination rights that were in the draft. The expression “compromise proposal” is nothing but wordplay.
Former CEO Min Hee-jin is wary that if only the term is extended through a flawed contract, normal artist activities for NewJeans will not be guaranteed. Accordingly, former CEO Min Hee-jin has clearly expressed her intention to return as CEO and has requested specific contract terms demonstrating HYBE’s sincerity. We feel great anger at the behavior of proceeding with media play before negotiations once again, when nothing has been negotiated regarding the parties, positions, periods, and authority.
It was revealed this morning that HYBE has been engaging in media activities to disparage the achievements of its own artists. We are suspicious of their ulterior motives—wondering what they are urgently trying to cover up by suddenly releasing a statement today, and whether they are trying to drive a wedge between former CEO Min Hee-jin and NewJeans. As you well know, HYBE has always initiated media play that defies common sense first, and when the truth is revealed, they have always released another statement to cover it up.
The authority as CEO is something that must be demanded in a situation where there is no reason whatsoever to be dismissed from the CEO position, as well as the right to defend against various HYBE improprieties beyond what was exposed today.
We are very indignant at ADOR’s repeated manipulation of the public and public opinion through lies that will obviously be exposed, and we are heartbroken over the damage to the artists caused by this. We hope the ADOR board of directors will show good faith by engaging in sincere negotiations before engaging in media play. Furthermore, we strongly demand the reinstatement of former CEO Min Hee-jin as CEO for the sake of normal artist achievements.