'Reclaimed Smile' Min Hee-jin "I Want to Find a Compromise with HYBE" (Comprehensive)

"Betrayal nor Embezzlement... I Thought I Would Win"
"Dreaming of the Future with NewJeans? I Want to Be Happy"

Min Hee-jin, CEO of ADOR, who is currently embroiled in a dispute over allegations of a hostile takeover of management rights by the parent company HYBE, appeared before reporters with a smile. This was a stark contrast to the previous press conference, which was marked by intense reactions and anger. From her outfit to her expression and overall atmosphere, she had changed, shedding tears of joy rather than anger in front of the cameras that day.

Min Hee-jin, CEO of ADOR, is holding a press conference related to the ADOR extraordinary general meeting of shareholders at the Press Center in Jung-gu, Seoul on the 31st.
[Image source=Yonhap News]

On the afternoon of the 31st, Min Hee-jin, CEO of ADOR, held an emergency press conference at the Press Center in Jung-gu, Seoul, emphasizing her management achievements and extending an olive branch to HYBE.

Min, who faced dismissal under the initiative of HYBE, the major shareholder of ADOR holding 80% of the shares, was able to retain her CEO position after the Seoul Central District Court Civil Division 50 on the afternoon of the 30th granted a provisional injunction requested by Min’s side to prohibit the exercise of voting rights by HYBE.

Initially, HYBE planned to handle Min’s dismissal proposal at an extraordinary general meeting of shareholders on the 31st. However, due to the court’s injunction decision making it difficult to exercise voting rights, Min was able to keep her position as CEO of ADOR. Nevertheless, two inside directors close to Min, Vice President Shin and Director Kim, were dismissed.

At the extraordinary general meeting that day, HYBE’s recommended executives?Kim Joo-young as Chief Human Resources Officer (CHRO), Lee Jae-sang as Chief Strategy Officer (CSO), and Lee Kyung-jun as Chief Financial Officer (CFO)?were appointed as new inside directors.

Following this, Min, who announced the emergency press conference, appeared wearing a yellow cardigan and jeans, a stark contrast to her previous appearance in a cap and T-shirt. Unlike the stern expression from a month ago, she appeared before reporters with a smile.

[Image source=Yonhap News]

Min opened by saying, "Fortunately, I won and am now able to take office with a light heart. The reason for holding this press conference today is that I thought it would be good to share our situation and thoughts. It feels like just over a month since the last press conference, but it has been an incredibly difficult time in my life?one I hope never to experience again. However, there are so many people I am grateful to, and I want to express my thanks to them."

She continued, "There are many people who supported me even though they didn’t know me. I want to greet each one personally because they have been a great source of strength. Thanks to them, I was able to avoid making strange choices," wiping away tears.

Regarding the court’s injunction ruling on the 30th, Min said, "I want to say first that I felt betrayed by the word 'betrayal' used in the injunction ruling. I believe HYBE broke trust first. Whatever I do, compromise and consultation with HYBE are necessary. I only have 18% of the shares?what power could I possibly have? I was just wondering what method I should use to escape this harassment and what I should say to HYBE. We (ADOR) can’t even come to the negotiation table," she explained.

On the injunction, she added, "I knew I would win. I was very confident because I did nothing wrong. It felt like a ridiculous farce. I am someone who doesn’t hold grudges. Even in romantic relationships, childish behavior is one thing, but I don’t think people who meet to work at a company should act like that. When drawing boundaries and working, we should work, and if we proceed with logic and reason, I believe a compromise can be found."

Furthermore, Min emphasized, "A corporation is not the company of one person alone. I have worked hard for ADOR and believe I have made significant contributions. The court also ruled that this is not a breach of fiduciary duty against ADOR. Now, we need to put aside emotional issues and think about what is more practical for the greater good so that everyone can move in a positive direction."

Min cited 'compromise' as the top priority behind holding the press conference that day. However, regarding the method, she drew a line by saying, "It will depend on how the other party responds." Nevertheless, she repeatedly stressed, "I want to find a good compromise for the greater good."

She said, "I don’t know who this dispute is really for. It’s time to consider the greater practical benefits. A corporation is not the company of one person alone. It consists of multiple shareholders. I hope HYBE thinks carefully. As the CEO of ADOR, a subsidiary, and also personally, my clear goal is to faithfully and smoothly carry out the plans I had with NewJeans. HYBE will hear my story, and I hope this can be an opportunity to find a good compromise," she stated.

[Image source=Yonhap News]

Since the court’s injunction ruling became a turning point in this situation, Min proposed using it as a starting point to find a compromise and bring the matter to a close. With Min maintaining her CEO position at the extraordinary general meeting, it is expected that she and HYBE will continue an uneasy coexistence for the time being. However, Lee Soo-kyun, a lawyer from the law firm Sejong representing Min’s side, explained, "Since the three directors recommended by HYBE have been appointed, the board may convene again and Min could be dismissed. The uncertainty remains."

What about the reactions of NewJeans members? Min said, "After the court decision yesterday, the members were very upset. If they had no schedules, they probably would have all met," but quickly added, "I don’t think this is very important," refraining from further comments to avoid affecting the members with the incident’s aftermath.

Nonetheless, the strong bond between Min, NewJeans members, and their parents has been a hot topic throughout this incident. Regarding this, Min said, "In the entertainment industry, companies and artists’ parents usually keep a distance. They only get involved during contracts or accounting. Having been at a previous company for a long time, I decided that if I were to build an organization and company later, it shouldn’t be like that because too many misunderstandings would accumulate." She added, "During this incident, the mothers took turns calling every day to check if I was eating well and doing okay, worried I might make a wrong choice. There is no relationship like the one I have with NewJeans’ parents in this industry."

Min expressed regret toward other HYBE artists such as I-LAND, Le Sserafim, and BTS, who were mentioned in the previous press conference and were part of the starting point of this incident. She said, "NewJeans were hurt, and I think everyone was hurt. Rather than singling out those people, to avoid hurting anyone, we should stop mentioning this. Constantly bringing it up and debating whether someone was hurt or not is itself hurtful," she emphasized.

Toward the end of the press conference, Min spoke about the vision for NewJeans and herself, saying, "Our vision is to 'live happily.' That’s my honest feeling. How would these kids know about the entertainment industry system or company structure? What matters is how we teach them and what kind of people we make them," her eyes welling up.

[Image source=Yonhap News]

She continued, "I always tell NewJeans members that the seven-year contract period is a time to study with me. They can’t stay under someone forever. As they grow up, they naturally want to do their own thing. A good parent prepares and educates their children to be independent later. I think this is that process now, and I just want them to be able to make free choices later." She added, "If even one person succeeds, I want to break away from the uniform K-pop culture that everyone copies."

Feeling relieved and happy to have cleared her name and laid down a heavy burden, she concluded, "I want to repay somehow. I spent all my money on lawyer fees, so I have no cash now, but later I want to spend over 10 billion won on society. It’s not money I have to carry forever, but I want to line up in front of my house and give 1 million won to those who sincerely supported me." She ended the press conference with her characteristic candid style, saying, "It may sound strange, but that’s how I feel right now."

Although Min was retained at the extraordinary general meeting that day, HYBE, which holds 80% of ADOR’s shares, dismissed Vice President Shin and Director Kim, who were close to Min, and appointed its own executives Kim Joo-young (CHRO), Lee Jae-sang (CSO), and Lee Kyung-jun (CFO) as new inside directors. The two dismissed insiders are expected to continue holding positions such as ADOR vice president despite being removed as inside directors.