Min Hee-jin's Side: "Adore Board May Propose CEO Dismissal... Unstable Situation"

[Image source=Yonhap News]

The representative of Min Hee-jin, CEO of ADOR, expressed concerns that Min could be removed from her position as CEO following the appointment of three HYBE executives as internal directors of ADOR.

At a press conference held on the afternoon of the 31st at the Korea Press Center in Jung-gu, Seoul, Min's legal counsel stated, "The ADOR board of directors is composed of Min Hee-jin as the sole representative and three directors from HYBE. Our concern is that with the board structured this way, we do not know what actions HYBE might take, but Min Hee-jin could still be removed from her position as CEO."

The lawyer added, "Since the CEO is appointed by the board of directors, if the board passes a resolution, the CEO can be dismissed by the board. The court's decision indicated that there is no cause for dismissal as a director, and if that is respected, there is no legal way to force the directors' voting rights. However, it is true that we remain in an uneasy situation."

He continued, "Because a large number of HYBE directors have been appointed, the board can be convened. We believe HYBE directors might propose a motion to dismiss the CEO, but no notice has been given yet."

He concluded, "We are worried if ADOR holds a board meeting. What I want to emphasize at this press conference is that the court's ruling is to uphold the shareholders' agreement. Therefore, HYBE should take appropriate measures to prevent the directors from taking actions to remove Min Hee-jin from her position as CEO."

This content was produced with the assistance of AI translation services.