The Seoul Central District Court approved the injunction filed by ADOR CEO Min Hee-jin aimed at preventing HYBE, the label’s parent company, from using its voting rights in the upcoming shareholders’ meeting on Friday.
The verdict means that HYBE, despite its 80 percent stake in the label, will not be able to immediately remove Min, which is the primary agenda of the meeting.
HYBE can either appeal the decision or gather new evidence required to call for another shareholders’ meeting.
HYBE has reportedly lined up replacements for Min from its C-suite executives, including Chief Human Resources Officer Kim Ju-young, Chief Strategy Officer Lee Jae-sang and Chief Financial Officer Lee Kyung-jun.
Source: https://koreajoongangdaily.joins.co...ves-ADOR-CEOs-injunction-against-HYBE/2058121
On May 30, reports revealed the 50th Civil Affairs Division of the Seoul Central District Court ruled in favor of Min Hee Jin, which means she'll continue her role as the CEO of ADOR for the foreseeable future. As she's won her injunction, HYBE will be unable to exercise its voting rights on Min Hee Jin's proposed dismissal at their upcoming shareholders meeting scheduled for the 31st.
If her injunction had not been accepted, HYBE could have used its 80% shareholder rights to force Min Hee Jin to step down from her position as CEO of NewJeans' label ADOR. It's reported HYBE submitted Min Hee Jin's dismissal as a proposal to consider at the shareholders meeting, and a new board of directors for ADOR has already been nominated. However, if HYBE replaces ADOR's board of directors as reported, Min Hee Jin is expected to face considerable restraints in terms of management.
Netizens commented, "I'm so relieved. Please stay with NewJeans for 100 years," "HYBE was attacking her without any evidence," "Those who said she had no chance of winning didn't know what they were talking about. Min Hee Jin didn't win because of emotions. She won because of her contract," and more.
Stay tuned for updates.
Source: https://www.allkpop.com/article/202...-min-hee-jins-injunction-request-against-hybe
The verdict means that HYBE, despite its 80 percent stake in the label, will not be able to immediately remove Min, which is the primary agenda of the meeting.
HYBE can either appeal the decision or gather new evidence required to call for another shareholders’ meeting.
HYBE has reportedly lined up replacements for Min from its C-suite executives, including Chief Human Resources Officer Kim Ju-young, Chief Strategy Officer Lee Jae-sang and Chief Financial Officer Lee Kyung-jun.
Source: https://koreajoongangdaily.joins.co...ves-ADOR-CEOs-injunction-against-HYBE/2058121
On May 30, reports revealed the 50th Civil Affairs Division of the Seoul Central District Court ruled in favor of Min Hee Jin, which means she'll continue her role as the CEO of ADOR for the foreseeable future. As she's won her injunction, HYBE will be unable to exercise its voting rights on Min Hee Jin's proposed dismissal at their upcoming shareholders meeting scheduled for the 31st.
If her injunction had not been accepted, HYBE could have used its 80% shareholder rights to force Min Hee Jin to step down from her position as CEO of NewJeans' label ADOR. It's reported HYBE submitted Min Hee Jin's dismissal as a proposal to consider at the shareholders meeting, and a new board of directors for ADOR has already been nominated. However, if HYBE replaces ADOR's board of directors as reported, Min Hee Jin is expected to face considerable restraints in terms of management.
Netizens commented, "I'm so relieved. Please stay with NewJeans for 100 years," "HYBE was attacking her without any evidence," "Those who said she had no chance of winning didn't know what they were talking about. Min Hee Jin didn't win because of emotions. She won because of her contract," and more.
Stay tuned for updates.
Source: https://www.allkpop.com/article/202...-min-hee-jins-injunction-request-against-hybe
