Adoer Extends Director Min Heejin's Term... "Unacceptable to Return to CEO Position" (Comprehensive)

Min Heejin Reappointed as Inside Director for a 3-Year Term

[Image source=Yonhap News]

Adore decided to pursue the extension of former CEO Min's term as an inside director through an extraordinary general meeting of shareholders. However, they decided not to accept Min's return as CEO.

On the morning of the 25th, Adore held a board meeting and resolved to convene an extraordinary general meeting to reappoint former CEO Min as an inside director. It is reported that Min also attended the board meeting in his capacity as an inside director.

While Min maintained his stance demanding a return as CEO, he reportedly showed willingness to accept reappointment as an inside director for a three-year term. However, the board reportedly decided that it would be difficult to accept the demand for his return as CEO.

This decision by both sides appears to have been decisively influenced by NewJeans' surprise live broadcast on the 11th. During the broadcast, NewJeans stated, "We do not want to conform, sympathize, or follow the society that those people (HYBE or the current Adore management) belong to," and demanded that former CEO Min be reinstated as CEO by the 25th.

Within the industry, it is evaluated that HYBE (Adore) and former CEO Min have agreed on a compromise plan of "maintaining inside director status, no CEO position, and continuation of producing" in line with the 'deadline' set by NewJeans members.

Adore stated, "We have sent detailed email responses today to NewJeans members regarding the matters discussed at the board meeting and various inquiries," adding, "Since basic guarantees have been made concerning Min's status, term, and authority as the PD responsible for producing NewJeans, we expect further negotiations on specific conditions to take place."

However, Min's side was cautious about the industry's assessment of a 'compromise agreement.' Min's legal representative, the law firm Sejong, said, "Since the appointment of inside directors is decided by the major shareholder HYBE, it is unknown at this point whether former CEO Min will be reappointed as an inside director," and added, "There was only talk of extending the contract period, but no sincere proposals such as deleting numerous toxic clauses like unilateral termination rights that were in the draft. The expression 'compromise proposal' is nothing but wordplay."

They continued, "Former CEO Min is wary that if only the term is extended under a flawed contract, NewJeans' normal artist activities will not be guaranteed," and stated, "Min has clearly expressed his intention to return as CEO and has requested specific contract terms from HYBE that reflect genuine sincerity accordingly."

NewJeans' future moves are also a point of attention, as their 'core demand' for Min's return was not fulfilled. The possibility of legal actions such as contract termination remains open.