An interim shareholders' meeting to discuss the dismissal of CEO Min Hee Jin at ADOR is set to take place on May 31.
According to entertainment industry sources, on May 9, ADOR will convene a board meeting on the 10th to discuss the agenda for the interim shareholders' meeting on the 31st. Last month, HYBE filed for court approval of ADOR's interim shareholders' meeting, prompting Min's side to announce their intention to convene the meeting by the end of the month during a board meeting.
The agenda for the interim shareholders' meeting will cover various issues, including the proposed dismissal of CEO Min at ADOR, the removal of current ADOR board members, and the appointment of individuals from HYBE as directors.
Industry insiders anticipate smooth approval of the proposed agenda. However, a potential complication arises from an injunction filed by CEO Min to prevent the exercise of voting rights. Min's side argues that HYBE's request for an interim shareholders' meeting regarding her dismissal violates agreements between CEO Min and the shareholders. A hearing on the matter is scheduled for the 17th.
Korean netizens responded:
"The thing called pride... A competent CEO being treated like that..."
"Does this mean there are no more executives who know how to manage artists now? Is it just executives from a game company running the show? Headache is to ensue."
"I guess leaving HYBE is the answer."
"Think about why she was cursing."
"She doesn't like HYBE but she had something she had to protect. That's why she held the press conference."
"That's what I think too. It's not like she held the press conference because she was bored."
"I think she did the right thing, holding the press conference like that. But she did become very emotional and cursed when she didn't need to."
"Min Hee Jin was audited after her whistleblowing."
"If she gets fired, HYBE stocks will fall."
"HYBE needs to buzz off."
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This is how it is supposed to work. If you own a controlling interest in a company, and the board of directors isn't doing what you want, you force a shareholders meeting and change the board! You don't need to do all that PR maneuvering when you aren't relying on proxy votes; Hybe owns 80% outright.
This is going to be a lose-lose situation, which is as expected when both sides have been wrong. They've worked through 4 of 5 stages of grief/loss (denial, anger, bargaining, depression and acceptance). I just hope the artists get through this without too much damage.