The dismissal of Min Heejin from ADOR’s CEO position was announced by HYBE, with Kim Joo-young taking over as the new CEO. Despite the dismissal, Min Heejin will remain a board director and continue producing for NewJeans. The community’s reaction to Min Heejin’s dismissal was mixed, with some anticipating legal disputes over her put option rights.
Min Heejin’s Dismissal and Ador’s Leadership Change
Ador, under HYBE, announced Min Heejin’s dismissal from her CEO role on the 27th. The board appointed Kim Joo-young as the new CEO of ADOR. Despite Min Heejin’s dismissal, she will remain a board director at ADOR and continue producing for NewJeans. Kim Joo-young, now leading ADOR after Min Heejin’s dismissal, was one of three new board members appointed by HYBE in May. Previously, Kim served as HYBE’s Chief Human Resources Officer (CHRO). The announcement of Min Heejin’s dismissal led to mixed reactions.
Min Heejin’s Response to Her Sudden Dismissal
Min Heejin expressed her thoughts on her dismissal in a brief statement. She remarked, “HYBE did what HYBE does,” reflecting her dissatisfaction with the dismissal. Min Heejin, previously involved in disputes with HYBE over management control, was notably displeased with the unilateral decision. She criticized the board’s dismissal as a violation of the shareholder agreement. Min Heejin also challenged ADOR’s claim that she would continue producing for NewJeans, asserting that this was not agreed upon.
ADOR’s Explanation for Leadership Change
ADOR explained that Min Heejin’s dismissal was due to a strategic decision to separate management and production for the company’s benefit. They stated that this approach aligns with HYBE’s multi-label operation principles, although ADOR had been an exception. ADOR emphasized that the dismissal followed all legal procedures, including notification and voting stages. They also noted that the meeting date was chosen based on Min Heejin’s preference. After thorough discussions, the board decided Min Heejin’s dismissal was in the best interest of ADOR and NewJeans.
Community Reactions and Legal Implications
The community theqoo had mixed reactions to Min Heejin’s dismissal. Initially, they supported her during her conflicts with HYBE, but criticism grew following her opaque handling of a sexual harassment incident at ADOR. Some members noted that Min Heejin’s dismissal seemed inevitable. Additionally, many theqoo members are curious about the legal implications of her dismissal, especially regarding breach of trust accusations. These issues are crucial as they could impact Min Heejin’s put option rights, which are worth approximately 100 billion KRW. However, HYBE’s notice of the shareholder agreement termination might nullify these rights. Min Heejin, despite her dismissal, was initially entitled to exercise this option between the third and tenth anniversaries of ADOR’s establishment, allowing her to sell 75% of her shares to HYBE. Given her objection to HYBE’s termination notice, legal disputes related to her dismissal are expected.
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This day couldn’t come fast enough. She bit the hand that fed her and wanted more. She’s toxic to HYBE. A little head way with NJ and she thinks she has created a BTS replacement.