On the morning of May 31 KST, an extraordinary board meeting of shareholders took place at the HYBE Labels subsidiary ADOR.
On this day, HYBE Labels appointed three new board members at ADOR: Kim Joo Young, HYBE's chief human resources officer (CHRO); Lee Jae Sang, HYBE's chief security officer (CSO); and Lee Kyung Joon, HYBE's chief financial officer (CFO).
The two officers who had held board member positions at ADOR prior to the recent internal issues, vice president Shin and director Kim, were formally dismissed during this board meeting. These two officers were known to have sided with CEO Min Hee Jin when the internal feud came to light.
Meanwhile, on May 30 KST, the 50th Civil Affairs Division of the Seoul Central District Court approved of the injunction filed by CEO Min Hee Jin against HYBE Labels, protecting her position as CEO of ADOR.
In response to the court ruling, HYBE Labels stated, "We respect the decision made by the court and assure that we will proceed with follow-up procedures which fall within the boundaries of the law."
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That sounds reasonable to me. If MHJ remains, it's only fair that Hybe's 80% ownership is properly represented on Ador's board. After all, what's the point of being the majority owner if the company's direction is dictated by those representing only 20% of the shares?
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