HYBE is reportedly appointing replacements for Min Hee Jin and other ADOR board executives.
On May 23, a Korean news outlet released an exclusive report detailing HYBE's plan to replace Min Hee Jin and other ADOR board directors by selecting potential candidates.
According to the investment banking (IB) industry on May 22, It was reported that HYBE is considering its Chief Security Officer (CSO) Lee Jae Sang as ADOR's new CEO in replacement for Min Hee Jin.
The replacements for ADOR's other existing board members are HYBE's Chief Human Resources Officer (CHRO) Kim Joo Young and Chief Financial Officer (CFO) Lee Kyung Joon.
The officials are to be named as the new board of directors at the upcoming meeting of ADOR's shareholders, which will take place on May 31. Two items on the agenda at the shareholder meetings will include the dismissal of Min Hee Jin and the appointment of the aforementioned three board members.
In HYBE's roster of C-level directors, Lee Jae Sang became the leading candidate for CEO since he was also the one selected by HYBE as its top candidate for SM's board of directors during HYBE's attempted acquisition of SM Entertainment.
Lee Jae Sang, who was HYBE America CEO during that period, was also expected to take on the role of CEO of SM Entertainment if HYBE had acquired the pioneering company. Lee Jae Sang also remarked that HYBE successfully operated the main business of "SM 3.0."
The director also once suggested a comprehensive review of SM's current strategy and procedures, which are based on the business model from HYBE.
Meanwhile, Kim Joo Young, HYBE's Chief Human Resources Officer, is also the first woman to spearhead the HR department at company Yuhan Kimberly. The officer was also recruited by HYBE during her time as head of HR at software company KRAFTON.
CFO Lee Kyung Joon also worked in accounting in companies such as Samil PwC, PwC Sydney, and law firm Kim & Chang. The officer is also claimed to be the top contributor to the listing of HYBE KOSPI. Furthermore, Lee Kyung Joon is an in-house director at Source Music.
Outlets reported that HYBE will use this chance to change ADOR's system to a dual leadership structure. It also disclosed that all labels under HYBE operate with the dual leadership format, except for ADOR, since Min Hee Jin handles both roles of Chief Executive Officer and Chief Production Officer.
"There are no plans to officially announce the appointment of directors at ADOR's shareholders meeting on the 31st," a senior HYBE representative shared. "Production and management are more efficient when each individual focuses on their expertise."
The official added, "It can be problematic when one person is in charge of the other (roles)." Additionally, HYBE is also currently scouting for a potential candidate for the role of Chief Production Officer.
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Written by Israel Monte
