Photo Credit: Min Hee-jin for Ador
Multiple months and twists later, Hybe has seemingly succeeded in ousting Min Hee-jin as CEO of its Ador subsidiary.
South Korean outlets just recently shed light on the development, which won’t exactly come as a surprise to those who’ve followed the underlying dispute. Hybe owns 80 percent of the mentioned Ador, the professional home of NewJeans.
But in April, allegations that Ador higher-ups were plotting to spin off their division – splitting it from Hybe, that is – kicked off a war of words and a legal action. The BTS agency specifically alleged that Ador execs (and especially Min) had leaked confidential information and sought to sell shares in the business.
On the other side of the dispute, reports indicated that Hybe had only cracked down on Ador in the wake of concerns from Min Hee-jin about the perceived image overlap between NewJeans and Belift Lab’s Illit.
Regardless of how the high-stakes showdown came to be, it didn’t resolve quietly. Hybe worked to axe Min but was blocked by a Seoul court, the CEO held a two-hour press conference (enduring curiously aggressive flash photography even after asking the press to stop snapping pictures), and the fate of NewJeans was up in the air all the while.
Produced by Min, the girl group has five members, the youngest, Hyein, being 16 years old. At the height of the confrontation, when questions remained about the act’s loyalty to Hybe versus Min, articles went as far as describing sit downs between Hybe top brass and the parents of NewJeans talent.
Now, glossing over a separate Ador board shakeup, defamation litigation, and different components of the ultra-involved saga, Hybe has reportedly managed to boot Min without immediately alienating NewJeans, which boasts 16.49 million monthly listeners on Spotify.
Per the Korea Times, the former SM Entertainment higher-up Min strongly pushed back against the dismissal, which was allegedly “unilateral” and finalized by Hybe (which named a new CEO last month) without her permission.
However, despite the fact that Hybe chief HR officer Kim Ju-young has replaced Min as chief executive officer, the latter professional is poised to stay on the same board and continue working with NewJeans on fresh releases, according to the report.
Nevertheless, the parties haven’t completely resolved the months-running battle. Min’s attorney in a statement refuted the idea that the now-former Ador CEO had agreed to work with NewJeans moving forward – besides criticizing the ouster as a “grave violation of the shareholders’ agreement.”
Hybe recently informed Min that it had invalidated said agreement and asked a court to approve the move. Should the maneuver stand, Min would lose a north of $75 million put option, the Times reported.
