ADOR CEO refuses to convene board of directors meeting

April 29, 2024

Min Hee-jin, CEO of ADOR, a sublabel of K-pop giant Hybe, declined to convene a board of directors meeting requested by Hybe, industry sources said Monday, as the two parties continued to exchange salvos in their ongoing dispute.

Last Monday, Hybe, the country’s largest K-pop company by market capitalization, requested its sublabel to hold a meeting Tuesday to discuss the possible replacement of the management it accused of attempting to take over control of ADOR, home to popular girl group NewJeans.

Min rejected the demand, according to the sources, saying the request is itself illegal, among other issues.

The voting rights of the ADOR board of directors are held by three individuals: CEO Min, the vice president and another director, identified only by their family names Shin and Kim, respectively. This setup effectively grants Min control over the board.

Hybe has already filed for permission to convene an extraordinary shareholders’ meeting with the court, with an aim to replace Min and other leaders within a few months.

The mega entertainment firm launched a surprise audit against Min last Monday, claiming Min had attempted to separate from Hybe and take NewJeans with her.

Min vehemently denied the allegations during a press conference three days later, citing the ownership structure where Hybe holds an 80 percent stake as evidence of the impossibility of such actions. She claimed that the audit followed her internal whistleblowing.

ADOR CEO Min Hee-jin speaks during a press conference in Seoul on April 25, 2024. (Yonhap)
ADOR CEO Min Hee-jin speaks during a press conference in Seoul on April 25, 2024. (Yonhap)