[Exclusive] ‘All-out effort to fire Min Hee-jin’ HYBE, Adore’s new management outlines

HYBE, which is making an all-out effort to dismiss Adore CEO Min Hee-jin, is also busy preparing for a new CEO and board of directors to lead Adore.

According to Ten Asia coverage on the 21st, HYBE is accepting applications for additional support from internal and external personnel for the new CEO position of Adore until the 24th. At the same time, it is reported that they are closely searching for and contacting appropriate personnel. There was also industry speculation that the selection of the new Adore representative included personnel related to not only domestic but also overseas artists.

Once the application and recommendation process is completed, the outline is expected to be released early next week. HYBE plans to carry out reputation checks and verification of potential candidates until the extraordinary general meeting of shareholders is held from the 25th, and to establish a new CEO and Adore board of directors through the extraordinary general meeting of shareholders on the 31st.

According to HYBE's scenario, the 31st will be the day when CEO Min is dismissed and a new Adore is re-established.

However, there is a mountain to overcome. While it is certain that HYBE, the majority shareholder with 80% of Adore's shares, will dismiss CEO Min through the exercise of voting rights, which is a shareholder's right, CEO Min is requesting that HYBE not be able to vote in favor at the general shareholders' meeting. They fought back with a lawsuit for a temporary injunction banning the event.

The preliminary injunction lawsuit was examined on the 17th, and the situation is expected to change significantly depending on the outcome of the lawsuit. The court plans to deliver the results of the preliminary injunction to both sides before the extraordinary general meeting of shareholders on the 31st.

If the injunction application is rejected, HYBE can end this situation by claiming to exercise shareholders' rights, dismissing Min Hee-jin from the position of CEO, and replacing Adore's management.

On the other hand, if the court upholds the request for a preliminary injunction, HYBE's plan will suffer a major setback. In this case, HYBE is expected to file an appeal against the result of the injunction, or bring new evidence and reconvene an extraordinary general meeting of shareholders.

Meanwhile, following the dismissal of CEO Min, HYBE is preparing a support project for the future activities of the group New Genes and member care. The position is that a specific plan will be put into operation immediately after the dismissal of Representative Min, and New Genes activities will proceed without a hitch.

Choi Ji-ye, Ten Asia Reporter wisdomart@tenasia.co.kr