SEOUL, SOUTH KOREA – 2024/04/23: People walk past the Hybe Building in Seoul.
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Kospi-listed Hybe shares rose 4.97% on Wednesday after Min Hee-jin, former CEO of sublabel ADOR, resigned on Tuesday after market hours.
This represents a gain of about 376.02 billion won ($282.05 million) in market value for Hybe. The development is the latest in a management dispute that has long plagued K-pop agencies. Hybe mainly manages BTS, South Korea’s biggest K-pop act.
ADOR, which manages the women’s group NewJeans, announced that Min has stepped down as CEO, but will remain as an “internal director” and still produce content for NewJeans. ADOR’s chief human resources officer Kim Joo-young will replace Min.
SEOUL, SOUTH KOREA – AUGUST 01: NewJeans attends Hyundai Department Store Duty Free ‘EVERYDAY HYUNDAY’ event at Hyundai Department Store Duty Free Dongdaemun in Jung-gu on August 01, 2024 in Seoul, South Korea.
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However, South Korean media reported Min said in a statement that “the decision was illegal” and “one-sided,” adding that he was not consulted to continue creating material for NewJeans.
Back in April, Hybe filed a police report against Min, accusing him of wanting to take over an independent sublabel.
Min then revealed that Hybe had copied the NewJeans concept for other women’s groups in different Hybe subsidiaries.
Hybe called an extraordinary general meeting in May to remove Min as CEO. He filed for an injunction to stop the move, which was granted by the Seoul Central District Court, ruling that Hybe could not exercise his voting rights at the EGM.
– CNBC’s Chery contributed to this report.
