It was recently revealed that HYBE has demanded Min Hee Jin, the CEO of ADOR, to resign from her position.
Ever since NewJeans debuted in 2022, Min Hee Jin has been credited as the brains behind the group. As a former creative director under SM Entertainment, creating several successful concepts for groups such as f(x), SHINee, EXO, and Girls' Generation, many were excited that her creativity would be with NewJeans.
If she leaves, what happens to NewJeans? Keep on reading for all the details!
HYBE Demands Min Hee Jin Step Down as ADOR CEO
On April 22, 2024, it was revealed that HYBE demanded Min Hee Jin resign as CEO of ADOR following an audit.
HYBE reportedly held an audit of its subsidiary, ADOR, and began to exercise their rights as shareholders. The company demanded the convening of a shareholders' meeting for ADOR and the resignation of Min Hee Jin, the CEO of ADOR.
HYBE had previously exercised its right to request an audit, noting ADOR's attempt to separate from the parent company, HYBE. Upon confirming that ADOR was attempting to take control over ADOR completely, HYBE immediately acted.
The audit discovered that ADOR would disclose confidential information to attract investors, as well as try to find ways to get HYBE to sell their shares. As of writing, HYBE owns 80% of ADOR shares, with the remaining 20% held by ADOR's board of directors. Within that 20%, Min Hee Jin owns 18%.
An individual, known as A, reportedly used his position as a member of the investor relations team of HYBE to send internal information to ADOR. Confidental documents, trade secrets, and more regarding the separation of ADOR from HYBE were ultimately leaked.
According to industry sources, on April 22, HYBE demanded the convening of a shareholders' meeting with the board of directors of ADOR. This was done to hold the current management accountable for attempting to seize control. It was also done to appoint additional directors from HYBE's side.
It is unknown whether the shareholders' meeting will be in line with HYBE's demands. The meeting requires a decision from ADOR's board of directors. Currently, the two internal directors of ADOR are individuals who have been with Min Hee Jin since her time at SM Entertainment.
If ADOR refuses HYBE's demands, the latter will most likely resort to legacies. Depending on the court's decisions, it is possible that staff from HYBE will be included on ADOR's board of directors.
HYBE also sent a demand letter to Min Hee Jin, demanding she step down from her role. It is expected that Min Hee Jin will refuse to resign and launch a counterattack against HYBE.
What Does This Mean for NewJeans?
ADOR only houses one artist at the moment, and it's NewJeans. NewJeans is considered one of the most successful groups under HYBE Labels, which has left many puzzled as to what this means for the girl group.
NewJeans recently announced they will be making a comeback in May, and they are slated to make their Japanese debut in June. With the chaotic situation between ADOR and HYBE, it is unknown if NewJeans' activities will be interrupted.
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Many are also worried about what will happen to NewJeans' identity if Min Hee Jin is asked to resign. Their success was built upon Min Hee Jin's vision, but the financial backing of HYBE allowed that vision to come to life.
Currently, news about upcoming NewJeans activities has not been made.
What do you think of the situation? Tell us in the comments below!
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Written by Alexa Lopez
