Hybe Gains $282 Million After ADOR CEO Steps Down

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Hybe, South Korea’s largest K-pop agency, saw a significant rise in its market value. Following the resignation of Min Hee-jin, the former CEO of ADOR, Hybe’s market cap increased by approximately $282 million. The news caused Hybe shares to gain 3.68% at market open, later extending to almost 5%.

The recent changes at Hybe are part of a long-running legal battle. This conflict has been ongoing between Hybe and Min Hee-jin, now the former CEO of ADOR. Hybe, the management company behind BTS, filed a police report against Min in April. The report accused her of attempting to take ADOR independent. In response, Min alleged that Hybe copied NewJeans’ concept for another girl group.

Hybe has also launched an internal audit targeting ADOR’s management. The audit focuses on Min and another executive whose identity remains undisclosed. These executives were suspected of trying to seize control of ADOR. Consequently, Min Hee-jin stepped down as CEO. However, she will continue as an internal director, producing content for NewJeans.

In light of Min’s departure, ADOR announced a change in leadership. Kim Joo-young, ADOR’s chief human resources officer, will take over as CEO. Despite this transition, Min has expressed her disapproval of the decision. She stated it was both illegal and unilateral, claiming she was not consulted about remaining as a content producer for NewJeans.

The conflict escalated further when Hybe called an extraordinary general meeting in May to remove Min as CEO. In response, Min filed an injunction to stop this move. The Seoul Central District Court sided with Min, ruling that Hybe could not use its voting rights in the meeting.

These developments have far-reaching implications for both Hybe and ADOR. With Min Hee-jin stepping down, Hybe appears to be consolidating its control over ADOR. However, the legal disputes suggest that tensions remain high within the company. As Hybe continues to navigate these internal challenges, the future of ADOR and its artists, like NewJeans, hangs in the balance.

Hybe’s market gains reflect investor confidence amidst management shifts. However, the ongoing legal battles indicate unresolved issues that could impact the company’s future.