"Willing to Step Back for NewJeans" Min Hee-jin's Heartfelt Reconciliation Request... HYBE's 'Silent Response'

With a face full of smiles, Min Hee-jin, who stood before reporters with a markedly different attitude from her first press conference, emphasized 'reconciliation' through resolution. She recalled the emotional burden before the court's injunction decision and the hardships faced by NewJeans members, even tearing up at times, but conveyed her position calmly compared to the previous press conference where she expressed anger in a heated tone with frequent profanity.

Min Hee-jin, CEO of ADOR, is smiling brightly while announcing her position regarding the ADOR extraordinary general meeting held that morning, at the Korea Press Center in Jung-gu, Seoul, on the afternoon of the 31st. 2024.5.31 [Joint Coverage] [Image Source=Yonhap News]

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At an emergency press conference held on the 31st at the Press Center in Jung-gu, Seoul, Min Hee-jin, CEO of ADOR, expressed her willingness to reconcile with HYBE, saying, "I hope a good judgment will be made for the children like my own (NewJeans)."

Following the court's approval of the injunction to prohibit the exercise of voting rights the day before, Min was able to retain her CEO position at ADOR's temporary shareholders' meeting held that day. However, two of her close associates on the board were dismissed at the meeting, and Kim Joo-young, Chief Human Resources Officer (CHRO), Lee Jae-sang, Chief Strategy Officer (CSO), and Lee Kyung-joon, Chief Financial Officer (CFO), all recommended by HYBE, were appointed as new inside directors.

Perhaps mindful of the court's ruling and the results of the temporary shareholders' meeting, Min proposed putting an end to the month-long dispute and moving forward in a way that benefits shareholders, HYBE, artists, and fandom alike.

Min stated, "Now, considering the greater good and practical benefits, shouldn't everyone move in a positive direction? We need to become an organization that moves together for business vision, and for that, constructive and healthy discussions and compromises are necessary," emphasizing, "HYBE should put aside emotional issues and reconsider the next chapter for everyone's benefit."

When asked by reporters if she had met with Chairman Bang Si-hyuk since the incident, Min replied, "Not even once," but when asked if she wanted reconciliation with HYBE, she answered, "Of course." She also indicated her willingness to bend her position if it could resolve the situation. Regarding the revision of the shareholders' agreement, which drew much attention at the first press conference, Min said, "If only the toxic clauses regarding non-compete agreements are removed, I am willing to give up what I can."

NewJeans Tokyo Dome Fan Meeting Poster.
Photo by Adore

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Unlike the first press conference, which was full of shock and controversy, Min's recent press conference proceeded in a tone of reconciliation. HYBE has yet to release an official statement in response. This contrasts with HYBE's active response during the previous press conference, when they issued a statement regarding Min's involvement with shamanistic management just before the event and two rebuttals immediately afterward.

Min confessed that the reason she wants to reconcile with HYBE is "because I want to realize the vision planned with NewJeans."

She continued, "We were preparing for NewJeans' Tokyo Dome, a new album, and a world tour, but all plans became chaotic due to this incident. I wondered if we had to lose these opportunities and values because of this dispute," adding, "Honestly, working with HYBE again is difficult for me too, but thinking long-term, considering what is advantageous for everyone, I think it's right to endure the pain and move forward. For NewJeans' sake, I will take a step back. Ultimately, this will lead to great achievements for HYBE as well."

However, some criticized Min's attitude, pointing out that while she spoke of reconciliation outwardly, she maintained a one-sided stance and did not offer a proper apology. Although the court did not recognize breach of trust, it clearly stated that there was a betrayal, leading to a dominant opinion that this is merely a legal victory. Her statement that trust is mutual and that negotiations depend on how the other party responds, implying her attitude will change depending on HYBE's actions despite saying she would take a step back for NewJeans, has led to skepticism about the sincerity of her reconciliation.

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With the court's injunction approval, Min succeeded in blocking HYBE's voting rights at the temporary shareholders' meeting but still faces the possibility of dismissal and enters an 'uncomfortable coexistence' with HYBE. Through the earlier temporary shareholders' meeting, the board composition changed from a Min-centered group of three to a structure of one Min representative and three HYBE representatives, suggesting a significant shift in ADOR's operational direction.

Sejong Law Firm, representing Min legally, stated, "If the directors pass a resolution, Min can still be dismissed. While the directors should respect the court's intent and refrain from exercising voting rights, there is no legal way to enforce this. Since the court's intent is to uphold the shareholders' agreement, HYBE should take appropriate measures to prevent the directors from acting to dismiss Min."

As the conflict between Min and HYBE, which lasted about a month over allegations of 'management rights seizure' raised by HYBE, reaches a turning point with the court's injunction to prohibit voting rights, attention is focused on HYBE's next moves to see whether Min's press conference will lead to a dramatic reconciliation or a prolonged battle.

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