ADOR CEO Min Hee-jin is seen in this photo provided by the company. (Image courtesy of Yonhap)
SEOUL, May 10 (Korea Bizwire) — ADOR, a sublabel of K-pop powerhouse Hybe, said Friday it will hold an extraordinary shareholders’ meeting on May 31 to discuss the replacement of the label’s CEO Min Hee-jin amid a protracted dispute between her and Hybe.
The decision was made during a board meeting in Seoul of the music label, home to popular girl group NewJeans, on Friday, according to the company.
Agenda items for the shareholders’ meeting include the dismissal of CEO Min and other board members, and the appointment of new directors from Hybe’s side.
Hybe filed a complaint against Min on charges of breach of trust on April 25, claiming that she plotted with her aides to take over control of her company, separate from Hybe and take NewJeans with her.
Min has denied the allegations and claimed that the recent audit conducted against her followed her internal whistleblowing.
The current board consists of Min, the deputy CEO and another director, identified only by their family names Shin and Kim, respectively. This setup effectively grants Min control over the board.
Industry insiders predict the upcoming meeting will likely pass all the agenda items as Hybe holds an 80 percent stake in the subsidiary.
But a court decision could be a variable. On Tuesday, Min filed for an injunction to bar Hybe from exercising its voting rights as the largest shareholder when the shareholders’ meeting is held. Min claimed Hybe’s move to dismiss her is a violation of the shareholders’ contract between the two sides.
The first hearing for the injunction request is slated for next Friday.
(Yonhap)
