A crucial interim shareholders’ meeting is set to take place on May 31 to discuss the potential dismissal of ADOR’s CEO, Min Hee Jin.
According to sources in the entertainment industry, ADOR will convene a board meeting on May 10 to discuss the agenda for the interim shareholders’ meeting later this month.
This follows HYBE’s filing for court approval of ADOR’s interim shareholders’ meeting last month, which prompted Min’s side to announce their intention to convene the meeting by the end of the month.
The agenda for the interim shareholders’ meeting is expected to cover various issues, including the proposed dismissal of CEO Min, the removal of current ADOR board members, and the appointment of individuals from HYBE as directors.
Industry insiders anticipate a smooth approval of the proposed agenda. However, a potential complication arises from an injunction filed by CEO Min to prevent the exercise of voting rights.
Min’s side argues that HYBE’s request for an interim shareholders’ meeting regarding her dismissal violates agreements between CEO Min and the shareholders.
A hearing on the matter is scheduled for the 17th.
Following the news, Korean netizens have been vocal in their responses:
“The thing called pride… A competent CEO being treated like that…” “Does this mean there are no more executives who know how to manage artists now? Is it just executives from a game company running the show? Headache is to ensue.” “I guess leaving HYBE is the answer.” “Think about why she was cursing.” “She doesn’t like HYBE but she had something she had to protect. That’s why she held the press conference.” “Min Hee Jin was audited after her whistleblowing.” “If she gets fired, HYBE stocks will fall.” “HYBE needs to buzz off.”
As the situation unfolds, stay tuned for more updates on this matter.
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