Ador to hold extraordinary shareholders meeting May 31 to decide CEO’s fate

Ador CEO Min Hee-jin speaks during a press conference in Seoul, April 25. Yonhap

decided to hold an extraordinary shareholders meeting on May 31, where the dismissal of Ador CEO Min Hee-jin will be tabled as requested by its parent company HYBE.As disclosed Friday by Ador’s legal representative, Shin & Kim Law Firm, “the decision to hold the shareholders meeting on May 31 was made under the attendance of all board members (including Min) today.”The forthcoming meeting is expected to vote on whether or not to dismiss Min.If the meeting proceeds as planned, industry insiders expect a strong possibility that the current CEO of Ador will be removed from her position, given that HYBE holds a controlling 80 percent stake in Ador.

However, Min took proactive legal action Tuesday by filing for an injunction against HYBE to block the company from exercising its rights in the upcoming meeting, saying that it should not be allowed to vote in favor of her dismissal proposal based on the shareholders’ agreement between them.If the court grants the hearing for this injunction, scheduled for next Friday, HYBE’s efforts to dismiss Min would be halted.Last month, HYBE accused Min and Ador’s management of attempting to spin off from the parent company, prompting an emergency audit.HYBE reported the Ador employees to the Yongsan Police Station on April 25, saying that it gathered significant evidence of embezzlement.Min, however, vehemently denied the allegations later that day in a press conference.Additionally, HYBE sought court permission to organize an extraordinary shareholders meeting to discuss Min’s dismissal, while Ador, citing time constraints, unsuccessfully attempted to reschedule its hearing for April 30.During the hearing, Ador reaffirmed its commitment to hold a board meeting on May 10 and convene an extraordinary shareholders meeting by the end of 카지노사이트킹 May.Friday’s board meeting saw the Ador CEO fulfilling this pledge.

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