“A chapter for everyone”... ADOR CEO Min Hee-jin, is the dispute with HYBE over? Shall we find a compromise (comprehensive) [on-site]

 May 31, 2024

CEO Min Heejin announced her plan after the extraordinary shareholders' meeting with HYBE.

On the afternoon of the 31st, a press conference was held at the Korea Press Center in Junggu, Seoul, to express its position on the extraordinary general shareholders' meeting. 

At the press conference on this day, CEO Min said, "This time, fortunately, I won the case and greeted you. There may be many reasons for today's press conference, but I thought it would be better to tell you our situation and what I think."

"I want to say hello first. It's been over a month since I had a press conference. In the meantime, it was a very difficult time for me, but there were so many people who I am so thankful for, so I want to thank them so much," she said in tears after the press conference last month.

CEO Min Heejin, who emphasized that her first status was the CEO of ADOR, said, "Some people seem to misunderstand or think it's strange, but greed for position and money itself were not the factor in this dispute. That is still clear and you can choose freely in a situation where your personal guilt is cleared," referring to the fact that the dispute has confused the vision that was being prepared with the members of NewJeans.

She continued, "I hope you know that my clear goal is to faithfully and without problems carry out any plans I have made with NewJeans. You heard my story at HYBE too. I hope that some kind of compromise can be rached," she said. "I don't know if this dispute is just for the sake of getting rid of it, and I'm also not sure if it's a dispute to gain something. Aren't you tired of criticizing and slandering someone? Everyone is fed up, and causality or facts cannot be expressed in a few words or a few lines of an article," she said, expressing her desire to end the dispute with HYBE and find a compromise.

Prior to the press conference today (31st), Sejong Law Firm said, "The trial over the past three weeks. We had a very fierce fight. These are the KakaoTalk messages that were relased through the media. We had a fierce battle that was provided to the court and dozens of cases from both reason for dismissal or resignation was cited and rejected."

"It was judged that there was no reason for breach of trust or resignation. All leaked messages and messages were extracted illegally," he said. "There are some people who withdrew their consent to use the KakaoTalk and did not agree at all. I would like to ask them not to use it."

CEO Min said, "They say top boy groups make a lot of profit. They made the first achievement in five or seven years were achieved in 2 years as a girl group. I wonder if I can use the word betrayal to the CEO of a subsidiary that made such a accomplishment. Emotional words can only be used for loyalty groups. I don't know if they are used for a stock company that understands the interests of shareholders," she said. "I think the attitude that I have to show as a manager is a number. No matter how hard I try, if I don't come out, I have to be criticized. You have to look at this issue from such a rational point of view and a cold point of view. I think it's all a play on words to use the standards of emotions at times and reason at other times. I think we have to look at the essence of anything," she said, expressing her thought on this dispute.

Also, regarding finding a compromise with HYBE after the extraordinary shareholders' meeting, she also said, "No matter what, I hope that I can continue with my plan with NewJeans and it will not be a loss to anyone. Since I didn't do it, the organization was recognized and NewJeans took a break, so who would that be good for? I suggested thinking about that in a rational way," she said, adding, "I received a lot of emotional wounds from them as well. Since we received each other's situation, they are all zero from the perspective of the interpersonal relationship. In my opinion, I think we should move on to a different chapter for everyone," she said.

She continued, "I think what I said today is something that we need to say to HYBE shareholders as well. I don't think there's another shareholder. I think shareholders are the public. Of course, it becomes a more urgent problem because money is at stake. I'm saying this for shareholders.I also have doubts about why this should be like this. If you guarantee our independence, we will do our job quitely to benefit from it. That's why I wanted to explain my thoughts and minds about it," she said.

She also said about the vision she and NewJeans want to achieve together, "NewJeans and I's vision is to live happily together. They have a lot of kids who are young, and I don't know how to vent this. They didn't even know how this system was going to work. How would they have known about this? What's most important is how to teach, guide, and make someone," she said.

CEO Min said, "Why should a corporation have to decide which came first, between chicken and egg at a joint stock company? We are not friends. We met each other due to our interests and need to make decision. If we all think about the future together, what kind of pain would it be to have a hope advisor? We decided to do it, but all of them failed. Isn't it too painful? From that point of view, I'm going to fold it, so let's fold it," she stressed again that she has the intention to compromise with HYBE.

Earlier on the 22nd of last month, ADOR, the agency of NewJeans, founded by CEO Min Heejin, was found to have taken over management rights and tried to become independent from HYBE, and an audit was launched against the management. CEO Min Heejin denied HYBE's allegations of conspiracy to take over management rights, leaking business secrets, and soliciting personnel through an emergency press conference on the 25th of the same month.

Afterwards, at the interrogation held on the 17th, Representative Min filed an application for a provisional injunction to prohibit the exercise of voting rights by Hive, and on the 30th, Civil Settlement Division 50 of the Seoul Central District Court (Director Sang-Hoon Kim) cited Representative Min's application for a provisional injunction to prohibit the exercise of voting rights filed against HYBE.

At the extraordinary shareholders' meeting between Hive and Adore held in Seoul today (31st), two in-house directors were dismissed except for Min Hee-jin, CEO of Adore, and three new in-house directors recommended by Hive were appointed.

At the extraordinary shareholders' meeting, Adore passed the appointment of Kim Joo-young, CHRO, CSO Lee Jae-sang, and CFO Lee Kyung-joon as in-house directors recommended by Hive, and Adore fell to Hive in a one-on-three composition within a month of the audit launch.

Original source: Topstarnews