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Min Heejin failed to reinstate her position as CEO of ADORE

Online News Team | 기사입력 2024/10/30 [00:00]

Min Heejin failed to reinstate her position as CEO of ADORE

Online News Team | 입력 : 2024/10/30 [00:00]


The motion to reinstate Min Heejin as CEO of ADORE was defeated.

 

The board of directors of ADORE rejected the proposal to appoint Heejin Min as CEO of ADORE at the shareholders' meeting held at the HYBE office on the afternoon of the 30th.

 

Min had previously filed a lawsuit against HYBE to enjoin the exercise of voting rights. The lawsuit seeks to compel HYBE, the majority shareholder of ADORE, to order the board of directors, including current ADORE CEO Kim Joo-young, to reappoint her to the position.

 

But the court that handled the case, the Seoul Central District Court Civil Division 50 (Chief Judge Kim Sang-hoon), dismissed Min's preliminary injunction request on Sept. 29, saying it was "inappropriate because there is no benefit to the request."

 

The court said that since the board of directors of ADORE had never proposed to reinstate Min as CEO, it would be meaningless to ask HYBE to enforce it.

 

The tribunal also found that the board was not legally obliged to comply with HYBE's request for an injunction because the board of directors of the company had the right to independently agendize and vote on the matter. Therefore, there was no benefit to Min in seeking an injunction, the tribunal explained.

 

However, on the afternoon of the 30th, the day after the ruling, the board of directors of Adore gathered at HYBE's offices and proposed a motion to appoint (reinstate) Min as CEO of Adore, which was defeated.

 

Min, meanwhile, will be in charge of producing the newszines under the Adore umbrella for the next five years, as stated by HYBE in its official statement. Her term as an inside director, which expires on Nov. 3, has also been extended by three years.