TRENDING: Min Hee Jin Announces Her Resignation From ADOR And Has Left HYBE, ADOR Issues Response
Min Hee Jin has resigned. Whats next for her and NewJeans?
Min Heejin, the former CEO of ADOR is making significant moves. Seven months after a major conflict that began with HYBE’s invocation of audit rights in April, Min has officially declared her departure from ADOR—now led by CEO Kim Jooyoung—and her separation from HYBE.
On November 20, Min announced her resignation as an internal director of ADOR, stating, “I have terminated the shareholders’ agreement with HYBE and will hold HYBE legally accountable for breaches of the agreement. I will proceed step by step with all necessary legal actions against the numerous illegal acts committed by HYBE and its affiliates.”
She further explained, “Despite the nightmarish seven-month conflict with HYBE that began with its illegal audit in April, I have done everything in my power to restore ADOR to its state prior to April. However, HYBE has not acknowledged its wrongdoing, nor has it shown any signs of change. Concluding that further efforts would be a waste of time, I made my decision. The atrocities HYBE committed in 2024 will be remembered as unprecedented in K-pop history. Acts driven by one individual’s malice that tarnish the essence of the industry must never happen. It was truly deplorable.”
On the same day, Min filed a lawsuit against HYBE with the Seoul Central District Court, demanding payment under the put option clause of the shareholders’ agreement.
The agreement stipulates that if Min exercises her put option rights, she would receive a sum equivalent to 13 times ADOR’s average operating profit over the past two years, multiplied by her 75% shareholding in ADOR. However, HYBE contends that the shareholders’ agreement has already been nullified, making legal disputes inevitable.
According to ADOR’s audit report disclosed in April, Min owns 573,160 shares of ADOR, equivalent to an 18% stake. Based on the contract’s calculations, this translates to approximately 25.8 billion won (roughly $19 million USD). The put option valuation period covers 2022–2023, during which ADOR reported an operating loss of 4 billion won in 2022 and a profit of 33.5 billion won in 2023.
On November 20, Min also shared a picture of a character holding a sign reading “resignation” alongside a waving emoji and played Deniece Williams’ Free on her social media. Additionally, she unfollowed NewJeans’ official Instagram account.
Later on the same day, ADOR stated, “We are sharing ADOR’s position regarding the resignation of Director Min Heejin. ADOR regrets the unilateral resignation notice from Director Min Heejin. We will do our utmost to support NewJeans in their continued growth and success.”
