SEOUL, SOUTH KOREA – In a dramatic turn of events, shares of Kospi-listed Hybe surged by 4.97% on Wednesday, translating to an increase of approximately 376.02 billion won ($282.05 million) in market value. This spike followed the resignation of Min Hee-jin, the ex-CEO of sublabel ADOR, who stepped down after market hours on Tuesday. The move is the latest development in a protracted management dispute within Hybe, the powerhouse behind BTS, South Korea’s largest K-pop act.
ADOR, known for managing the popular girl group NewJeans, confirmed that Min would step down as CEO but continue as an “internal director” and content producer for NewJeans. Kim Joo-young, ADOR’s chief human resources officer, will succeed Min in the CEO role.
However, South Korean media reports revealed Min’s assertion that her dismissal was “illegal” and “unilateral,” pointing out that she was not consulted about her continued involvement in producing content for NewJeans. The tension escalated earlier in April when Hybe filed a police report accusing Min of attempting to make the sublabel independent.
In a tit-for-tat, Min accused Hybe of replicating NewJeans’ concept for another girl group under a different subsidiary. This ongoing discord led Hybe to call for an extraordinary general meeting (EGM) in May aimed at ousting Min from her CEO position. Min responded by filing an injunction to halt the move, which the Seoul Central District Court upheld, preventing Hybe from exercising its voting rights in the EGM.
This unfolding drama has become a focal point in the K-pop industry, capturing significant media and public attention. The situation remains fluid, with further ramifications expected in the coming weeks.
— CNBC’s Chery Kang contributed to this report.
Original Story https://www.cnbc.com/2024/08/28/hybe-ador-ceo-min-hee-jin-steps-down.html
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