HYBE said, "There is no new CEO for ADOR... It is not true that other labels are made"

May 23, 2024

HYBE announced its position on the formation of a new management team of ADOR, the agency of the group NewJeans and it's affiliated label.

HYBE issued an official position on 23rd, saying, "We explain the spread of reports on the composition of ADOR's management team," adding, "The CEO of ADOR has not yet been decided by registration."

"It is also not true that other labels can take charge of production," HYBE saying, adding, "We plan to disclose the roles and scope of the three candidates for directors, as soon as they are decided."

Daily Sports reported that "Lee Jaesang (CSO), Kim Jooyoumg (CFO), are considered candidates for the new board of directors."

Among HYBE C-levels, which are considered to be a new board members, Lee Jaesang, CSO, is said to be the most likely new representative of ADOR. Lee Jaesang, CSO, a former representative of HYBE America, was the one who proposed as a candidate for directors when HYBE explored the acquisition of SM Entertainment last year.

Meanwhile, HYBE raised suspicions on the 22nd of last month that CEO of ADOR Min Heejin took over management rights. Since then, the two sides have continued to fight sharply, and the extraordinary shareholders' meeting will be held on the 31st regarding HYBE's replacement of the current ADOR competition team, inducing CEO Min Heejin. Accordingly, ADOR filed an injunction against HYBE to ban the exercise of voting rights, and the court's decision on the injunction is expected to come before the extraordinary shareholders' meeting.

Original article: Break News