Min Hee-jin, former CEO of Adore, filed an application for an injunction to convene an extraordinary general meeting of shareholders and re-elect Adore’s CEO.
Former CEO Min’s side released a statement on the 13th, saying, “We had been preparing an injunction contesting the effectiveness of the dismissal of the CEO, but considering that a special shareholders’ meeting is needed to reappoint the directors of Adore before November 2nd and the court’s injunction review period, we decided to file an injunction with the intention of reappointing former CEO Min Hee-jin as a director of Adore and then appointing her as CEO.”
He continued, “The dismissal of former CEO Min as CEO is guaranteed for a five-year term as CEO and inside director of Adore by the shareholder agreement,” and “Despite this fact already being clearly acknowledged by the Seoul Central District Court’s injunction order to prohibit the exercise of voting rights, Hive unilaterally dismissed former CEO Min Hee-jin as CEO for the same reasons as before. This is a direct violation of the still valid shareholder agreement and the court’s injunction order to guarantee the term of office of the CEO.”
Former CEO Min’s side said, “On November 2 of this year, former CEO Min Hee-jin’s three-year term as an inside director of Adore expires,” and “HYBE is unilaterally claiming that the shareholder agreement was terminated without any basis when former CEO Min Hee-jin’s term as an inside director is less than two months away. Under these circumstances, it is clear that HYBE will not re-appoint former CEO Min Hee-jin as an inside director.”
He also added, “We hope that Hive will stop its continued breach of contract, obstruction of business, defamation and insults, and make rational management decisions for the future of Adore and New Jeans.”
On the 27th of last month, Adore dismissed former CEO Min from his position as CEO and appointed Adore internal director Kim Joo-young as the new CEO. Adore stated that it would continue to entrust former CEO Min with producing, citing the “principle of separation of management and production.”
In response, former Chairman Min’s side argued that this was a “unilateral notification that was not discussed at all” and that “this dismissal decision is an illegal decision that directly contradicts the shareholder agreement and the injunction prohibiting the exercise of voting rights.”
Girl group New Jeans also expressed their opposition to Adore’s decision. All five members of New Jeans demanded the reinstatement of former CEO Min through a YouTube live broadcast on the afternoon of the 11th, demanding Hybe to “return Adore to how it was by the 25th.” New Jeans said, “What we want is the original Adore with Min Hee-jin as the representative, integrating management and production,” and “If you put the artist first, don’t just talk and leave us alone so we can do what we can rely on, enjoy, and like with music.”
Afterwards, Lee Jae-sang, the new CEO of Hive, said at the Hive extraordinary shareholders meeting held on the 12th, “We will respond calmly and according to the principles” regarding the Adore incident.
Reporter Jo Yu-kyung, Donga.com, [email protected]
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2024-09-13 16:16:45