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HYBE and its subsidiary ADOR have been one of the most talked-about topics in the Korean pop sphere for over a month and are likely to remain so. The feud initially began between the parent company and ADOR’s CEO Min Hee Jin over alleged attempts to illegally take over the subsidiary. The conflict has now turned into a full-blown affair following an audit of ADOR staff on Thursday. And now, it has been reported that the BTS label has already selected a new management team, including a new CEO.
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HYBE selects new ADOR CEO
On May 12, several Korean media outlets reported that HYBE had replaced Min Hee Jin with a new CEO and completely changed the management team at ADOR. While Hee Jin currently remains in her CEO position, several reports have cited that she may be forced to resign at an upcoming shareholders’ meeting, garnering massive attention on the internet.
HYBE to hold shareholders’ meeting
The label, which is home to hitmakers like BTS, Seventeen, Newzines and others, has an 80 percent stake in its subsidiary ADOR. The company is set to leverage its voting rights to establish a new label and team for the Nugenes label at the next shareholders’ meeting. Additionally, the label is expected to disclose the results of its audit into ADOR at this meeting.
HYBE will present evidence against Min Hee Jin
Not only is the company planning to submit its audit report, but the label also said it will provide more evidence that suggests the company has been plotting a coup for some time. Hee Jin will likely try to deny the allegations and insist that HYBE uphold the five-year CEO tenure agreement previously reported by the company’s shareholders.
Previously, Min Hee Jin released a statement calling out HYBE’s audit team, alleging that an ADOR employee “suffered a loss due to an illegal audit based on illogical issues raised by the HYBE audit team”. . In response, the company led by Bang Si Hyuk criticized Hee. Jin claims that the audit was conducted “legally and without any coercion, with the consent of the auditee”.
Netizens are angry over ADOR’s new CEO report
Although the parent company is big enough to garner massive fan support, sentiment is not entirely in HYBE’s favor, as many believe Min Hee Jin’s side of the story holds the same credibility. Fans have made it clear that they are here for their favorite band, not specifically for CEOs like Bang Si Hyuk or Hee Jin.
Also Read: HYBE rejects ADOR’s audit claims, says ‘hundreds of millions of won’ were illegally pocketed with Min Hee-jin’s approval
One user commented on the news, “The fact that HYBE is still doing this while public opinion is deteriorating is shocking.” Other people also raised their voice. “The relationship went completely haywire and I thought Min Hee Jin was going to leave anyway, but when I think about Bang touching Newjins, I’ll be damned.” “Wishing New Zealanders a safe escape. They are stuck among the old people and they are just suffering.” “Min Hee Jin if you leave, we will boycott HYBE.” “Min Hee Jin hasn’t been taken out yet, so fans and the public are still on her side. But if she is really taken out, the public’s opinion of HYBE will eventually become better.”
