HYBE who had a sudden replacement of CEO for ADOR without consent with Min Heejin's side, netizens are furious

 [theqoo - hot] HYBE, Min Hee-jin's shareholder contract terminated

date: 27/08/2024

'Min Hee-jin's term guarantee' clause and put option disappear, ADOR board of directors appoints Kim Joo-young as new CEO

It has been confirmed that the shareholder agreement that HYBE had with former ADOR CEO Min Heejin has already been terminated. The basis for guaranteeing former CEO Min’s position as CEO and financial compensation has disappeared.

According to the Financial Supervisory Service’s electronic disclosure system on the 27th, HYBE terminated the shareholder contract with former CEO Min and others. In relation to this, it revealed in its semi-annual report that it had filed a lawsuit for confirmation of termination of the shareholder contract. Considering the timing of the filing of the lawsuit for confirmation, it is estimated that the contract termination took place around July of last year.

original source

COMMENTS

1. Wow.. Regardless of personal preference, Min Hee-jin should win this lawsuit.

2. Evil HYBE is ruined

3. They're going crazy ㅋㅋㅋㅋㅋ Do they hate giving money to her that much?

4. Evil HYBE needs to go down

5. Oh.. Is this how it is now? It's going to get tougher from now on.

6. The HYBE gangsters are fucking idiots

7. At places like HYBE where the law is taken so lightly, they probably engage in so many illegal activities. That's a den full of criminals.

8. Since they easily engage in abusive behaviour, it's not surprising that she is taken down from management

9. Wow why are they so ugly ㅋㅋㅋ

10. If you're producing, there's not much difference, but if you're managing, it's a little...

11. I don't know about anything else but in this fight, I'm on Min Heejin's side

12. In the end, they started acting like this since April because they didn't want to pay and their stock price is going down. They're seriously amazing Ugly HYBE ㅋㅋㅋ

13. What good is a shareholder agreement in a startup ecosystem if the major shareholder just cuts it off and it becomes invalid? HYBE is setting such a crappy precedent.

14. I hope Min Heejin wins in this one, in other things she wins, but in this one, HYBE has to lose

15. They really have no morals, no manners and I don't know if it's against the law, but they really do whatever they want. They created a group that makes 100 billion won in sales, and they do this?

16. In the end, Min Hee-jin, who made ADOR and NewJeans successful is fired after being soaked in dirty media play in order to avoid giving a put option. Is this what a big company does well? They bring in talented people, pick them as they please, and fire them without paying them as per the contract.

17. Wow, look at how HYBE works 

18. Isn't this something where we just have to wait for the legal results? Looking at Min Heejin, she's not someone who would be wronged, nor is she weak, so she'll follow the law.

19. If Bang Si-hyuk only lived less extravagantly, he would have money left over even after paying it to her ㅋㅋㅋㅋ

20. They're a bunch of thugs who just stole her skills and abilities

[theqoo - hot] ADOR, Min Hee-jin's sudden replacement of CEO… Min Hee-jin's side: "The appointment is unrelated to CEO Min's wishes."

date: 27/08/2024

ADOR, a label under HYBE, which the group NewJeans belongs to, has abruptly replaced CEO Min Hee-jin. CEO Min’s side announced their future response, stating, “This is a personnel decision unrelated to CEO Min’s wishes.”

ADOR announced on the same day, “We held a board meeting on the 27th and appointed ADOR executive director Kim Joo-young as the new CEO.” “New CEO Kim is an HR expert with experience in various industries and will be in charge of stabilizing ADOR's organization and reorganizing its internal structure.” New CEO Kim took up the position of ADOR executive director at HYBE’s recommendation in May. Former CEO Min will retain his position as ADOR's executive director. ADOR stated, “(Former CEO Min) will also continue to be in charge of NewJeans’ producing duties.” They continued, “ADOR's internal organization will also separate production and management. The principle of multi-label operation has been consistently applied to all other labels, but ADOR has been an exception where the CEO has been in charge of both production and management,” the company said. “With this personnel change and reorganization, ADOR plans to spare no support for the growth and greater success of NewJeans.”

This replacement of the CEO was formally adopted as an agenda item at the board of directors and passed by vote. It is reported that the board of directors meeting was convened last weekend and former CEO Min attended via phone. Currently, ADOR's board of directors consists of three people from HYBE and former CEO Min, so she could be removed by vote at any time. However, since the court accepted the injunction application filed by former CEO Min on May 30 to restrict the voting rights of HYBE’s shareholders seeking to remove her, there may be different interpretations of this matter.

Attorney Lee Sook-mi of Sejong Law Firm, former representative Min’s legal representative, said in a phone call with Hankyoreh, “This was a personnel decision made regardless of former representative Min’s wishes,” and “We will announce an official position after further discussion.”

https://n.news.naver.com/article/028/0002704606?sid=103

original source

COMMENTS

1. If the principle is to separate management and production, then the largest shareholder and founder should step away from production. What morality does HYBE have when they protect criminals? It's just the gangster behaviours of a large corporation trying to kick people out without paying their promised money.

2. After being dismissed from the CEO position without her consent, they are still asking her to continue with producing?

3. I really hate HYBE

4. HYBE, everything is going as you want it to.

5. Did they change it even though the court accepted the injunction? Are they trying to make up an excuse to separate production and management and see if it will work? HYBE is so disgusting.

6. If you say that it is natural for Min Hee-jin to step down, then shouldn't Bang Si-hyuk step down as well? He discriminated against his employees by saying things like he had selective facial disability.

7. For now, I think we'll just have to wait and see since she has kept her position as the director and will continue producing, and they're both taking legal action.

8. I guess we'll have to wait and see, but if things go this way, even if Min Hee-jin does the producing, the decision-making power lies with the CEO, so I'm worried if they'll be able to continue their activities like before... As long as there's no problem with NewJeans' activities, I guess I'm okay with it but I'm annoyed because I think their activities will be affected

9. HYBE really needs to be destroyed

10. In the end, HYBE stole 200 billion ㅋㅋㅋ

11. But if you are fired from the position of CEO, will the put option contract be invalidated? Isn't this something HYBE can't do?

12. There were practice videos before NewJeans' debut which were released without consent and then used during their comeback. What kind of protection are they giving them? I can't trust HYBE.

13. Now it seems certain that the talented people in the entertainment industry will not work with that company.

14. Wow, they are really gangsters

15. Min Hee Jin vs. HYBE, I am definitely Min Hee Jin's side ㅋㅋㅋㅋ

16. Wow, in the end, they replaced the CEO just to suit their own tastes. Aren't they just crazy —it's like a kingdom of their own ㅋㅋㅋㅋ

17. HYBE's level is too cheap

18. This is a typical example of corporate tyranny against individuals, HYBE is really dirty to the end.

19. What are these gangsters ㅋㅋㅋㅋㅋㅋㅋ Since the court ruled that there was no breach of trust and they couldn't fire her, they're just going to get rid of her like this in a rush now... What does HYBE gain by doing this? Is their goal to kill the label that makes them money?

20. How can you do that to a group like NewJeans when they don't even have any money?