In reaction to Min Hee Jin, the former CEO of ADOR, filing for an injunction to be reappointed as CEO and inside director of ADOR, HYBE has released a statement.
“The shareholder agreement between HYBE and former CEO Min Hee Jin has already been terminated,” HYBE announced on September 13. The agreement has no legal force after it is terminated. To validate the termination of the shareholder agreement, a lawsuit has been filed, and the court’s ruling is still pending.
HYBE went on to say, “As part of a business management decision, ADOR’s board of directors made the independent choice to remove Min Hee Jin as CEO. It has nothing to do with the shareholder agreement or HYBE.
The organization went on, “We regret that Min Hee Jin is not respecting ADOR’s board of directors’ decision. Min Hee Jin has long emphasized the importance of ADOR’s independent management as a separate entity.”
More Read
Min Hee Jin filed an injunction earlier today in an attempt to be reappointed as ADOR’s CEO and inside director. Her team contends that the firing was illegal because it went against the shareholder agreement, which they say is still in force and guaranteed her a five-year tenure in both positions.
Previously, on August 27, ADOR declared that Min Hee Jin would remain an internal director at ADOR and continue to create NewJeans material, despite her departure as CEO of the company. After the event, the five NewJeans members staged a live YouTube broadcast on September 11 and gave HYBE a deadline of September 25 to restore Min Hee Jin to her position as CEO.
