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HYBE CEO assures employees of 'principled measures' amid spats with Min Hee-jin and NewJeans

Published: 17 Oct. 2024, 12:21 Updated: 17 Oct. 2024, 12:53

HYBE CEO Lee Jae-sang [HYBE]

HYBE is taking "principled and reasonable measures" regarding ongoing legal conflicts with Min Hee-jin, company CEO Lee Jae-sang said during a town hall meeting with employees on Monday, according to local media.

Lee said that issues surrounding conflicts involving its labels, ADOR and Belift Lab, and their artists will be resolved gradually, urging employees to “trust and watch” as the company navigates these challenges.

He emphasized the importance of unity within the company, stating, “We are Team HYBE.”

The CEO's comments come amid public disputes involving ADOR's former CEO Min, current CEO Kim Ju-young and HYBE artists NewJeans and ILLIT.

On Sept. 11, the five members of NewJeans demanded during a YouTube livestream that HYBE reinstate Min Hee-jin as CEO of ADOR. During the livestream, Hanni alleged that she overheard a manager instructing other HYBE artists to "ignore" her.

Hanni explained the incident, stating, "I greeted a manager and artists from another group at the HYBE building, but the manager told them to ignore me. I still can't understand why I had to go through that."

Hanni of girl group NewJeans, left, and ADOR CEO Kim Ju-young arrive at the National Assembly in western Seoul to attend a parliamentary audit by the Environment and Labor Committee on Oct. 15. [NEWS1]

NewJeans members and their parents later requested that HYBE provide them with CCTV footage of the incident, but HYBE denied the allegations, claiming the footage had been deleted due to expired storage.

NewJeans member Hanni testified about these incidents and HYBE's mistreatment of its artists at the National Assembly's Environment and Labor Committee on Tuesday.

In a separate development, HYBE announced a 400 billion won ($293 million) convertible bond issuance on Tuesday. This move is intended to fund the redemption of an earlier bond that is nearing its put option exercise date.

“The company's financial health is strong, with 1.2 trillion won in available cash,” Lee was quoted as saying at the meeting.

BY YOON SEUNG-JIN [yoon.seungjin@joongang.co.kr]