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In the much-awaited shareholders’ meeting, held on Friday in Seoul between HYBE and ADOR, several new changes have been made. As reported by Korea Times, HYBE put three of its executives on the board of its sublabel ADOR. However, Min Hee-jin will retain her position as the ADOR CEO. (Also Read | HYBE chairman Bang Si-hyuk calls ADOR’s Min Hee-jin ‘malicious individual’ in first public statement)
HYBE, ADOR holds shareholders’ meeting
HYBE had earlier planned to remove Hee-jin as ADOR CEO during Friday’s shareholder meeting. It alleged that she plotted with aides to wrest control of the company. She has been denying the allegations. HYBE holds an 80 per cent stake in Ador. The shareholders’ meeting was held at an undisclosed place. It was conducted in line with the court’s decision on Thursday to grant an injunction to prevent HYBE from exercising its voting rights in the shareholders’ meeting to dismiss Hee-jin.
What new changes have been made?
As per Korea Times sources, the three new board members are–HYBE’s Chief Human Resources Officer Kim Ju-young, Chief Strategy Officer Lee Jae-sang and Chief Financial Officer Lee Kyung-jun. Two of the board’s previous members, identified as Kim and Shin, were removed from their positions in ADOR. They were the close aides of Hee-jin. Reportedly, HYBE wants to settle confusion among ADOR employees by sending the three executives familiar with the situation.
HYBE now in more control of board
The new structure of the board grants more control to HYBE over the board. The feud between HYBE and ADOR started on April 22 this year. HYBE had launched an audit into ADOR’s management over suspicions that Hee-jin attempted to seize control of her company.
Court’s verdict
On Thursday, the Seoul Central District Court stated that Hee-jin had “clearly” sought independent control of ADOR. However, she didn’t progress to the actual implementation stage. The court further stated that it amounted to “betrayal” but not “breach of trust” as claimed by HYBE.
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