SEOUL, SOUTH KOREA – 2024/04/23: Folks stroll previous the Hybe Constructing in Seoul.
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Shares of Kospi-listed Hybe popped as a lot as 4.97% on Wednesday after Min Hee-jin, the previous CEO of sublabel ADOR, stepped down on Tuesday after market hours.
This represented a achieve of about 376.02 billion received ($282.05 million) in market worth for Hybe. The event is the newest within the lengthy operating administration dispute that has roiled Okay-pop’s largest company. Hybe most notably manages BTS, South Korea’s largest Okay-pop act.
ADOR, which manages woman group NewJeans, introduced that Min had stepped down from the CEO place, however will stay as an “inside director” and nonetheless produce content material for NewJeans. ADOR’s chief human sources officer Kim Joo-young will substitute Min.
SEOUL, SOUTH KOREA – August 01: NewJeans attends Hyundai Division Retailer Responsibility Free ‘EVERYDAY HYUNDAY’ occasion at Hyundai Division Retailer Responsibility Free Dongdaemun in Jung-gu on August 01, 2024 in Seoul, South Korea.
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South Korean media, nevertheless, reported Min stated in a press release “the choice was unlawful” and “unilateral,” including that she was not consulted on staying on to supply materials for NewJeans.
Again in April, Hybe filed a police report in opposition to Min, accusing her of eager to take the sublabel impartial.
Min then alleged that Hybe had copied the idea of NewJeans for an additional woman group beneath a distinct Hybe subsidiary.
Hybe referred to as a rare basic assembly in Could to take away Min as CEO. She filed an injunction to cease the transfer, which the Seoul Central District Court docket granted, ruling that Hybe might not use its voting rights within the EGM.
— CNBC’s Chery Kang contributed to this report.
