HYBE has reportedly asked Ador CEO Min Hee Jin to step down.
On April 22, MTN reported that HYBE had begun to exercise its rights as shareholders of Ador. According to the report, on this day, HYBE requested a shareholders meeting. The meeting is reportedly HYBE’s latest effort in a power struggle against Ador’s current board of directors.
The report states that it isn’t confirmed whether HYBE’s request will be obliged as Ador’s board of directors must sign off on the meeting.
Currently, besides Min Hee Jin, all 2 internal directors on Ador’s board of executives have worked with the CEO since she had been with SM Entertainment. In the case that HYBE’s request is not granted, the label may take legal action. The report states that the court has the power to grant HYBE, both the shareholders meeting and the power to elect its own director to Ador’s board.
The report then writes that HYBE had also requested Min Hee Jin step down as CEO. According to the report, it is expected that Min Hee Jin will reject HYBE’s request and will go on the offense against HYBE.
Stay tuned for updates.
Source: mtn
