Hello,
This is the Macoll Consulting Group, responsible for media communication in partnership with the law firm Sejong, which is representing CEO Min Hee-jin of ADOR.
On August 27th at 1 PM, the ADOR Board of Directors removed CEO Min Hee-jin from her position.
This decision is an unlawful action that directly contradicts the shareholders' agreement and the court's injunction against the exercise of voting rights.
The shareholders' agreement stipulates that "HYBE must take necessary measures to ensure that Min Hee-jin remains as CEO and inside director of ADOR for five years, including exercising voting rights or ensuring that a director appointed by HYBE on ADOR's board exercises voting rights."
On May 31st, HYBE sought to convene an extraordinary shareholders' meeting regarding the "removal of CEO and inside director Min Hee-jin," but the court issued an injunction preventing HYBE from exercising voting rights in favor of this agenda.
This was due to the lack of grounds for removing CEO Min Hee-jin or resignation.
HYBE claims the termination of the shareholders' agreement, but there is no basis for this claim, and CEO Min Hee-jin has not acknowledged the termination of the agreement.
Therefore, this removal decision clearly violates the shareholders' agreement and disregards the court's decision.
Currently, media reports state, "Former CEO Min Hee-jin will step down as CEO but retain her position as an inside director of ADOR and continue overseeing NewJeans' producing duties."
This information is based on materials distributed by the ADOR Board, which is a blatant falsehood. CEO Min Hee-jin was removed against her will, not of her own accord.
Furthermore, the ADOR Board unilaterally informed her of their intention to assign producing duties.
The portrayal of CEO Min Hee-jin as voluntarily stepping down and only taking on producing duties is a deception aimed at misleading the public.
There are also procedural issues with this board decision. According to ADOR’s articles of incorporation, the board must notify each director one week in advance to convene a meeting.
However, the ADOR Board amended its articles of incorporation during the extraordinary shareholders' meeting to reduce the notice period for board meetings to one day.
This strongly suggests a preemptive measure to deny time for a response regarding the removal of the CEO.
In fact, ADOR's Board Chair, Kim Joo-young, only notified on August 24th (Saturday) that "changing the CEO" was on the agenda.
The court decision has revealed that HYBE's claims of legal violations against CEO Min Hee-jin are unfounded.
Nevertheless, the ADOR Board, which is predominantly composed of directors appointed by HYBE, has decided to remove the CEO and has further misled the public by distorting the facts to suggest that it is not a removal.
Once again, I would like to emphasize that this removal decision is an unlawful act that violates the shareholders' agreement and disregards the court's decision.
source: https://m.entertain.naver.com/article/108/0003261543
original post: here
1. We don't care, apologize to the victim
2. I hate seeing HYBE win... Min Heejin fighting
3. The fact that they're so selective with their statement is hilarious... Not a single clarification regarding the victim, but they insist on clarifying this?
4. HYBE needs to flop
5. So she was at fault, there's a reason why she's getting demoted
6. Min Heejin fighting
7. It seems like they demoted her within the law
8. This is her karma
9. Min Heejin and HYBE suit each other...
10. Min Heejin needs to go and apologize to the victim
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