In a significant corporate dispute, former Adore CEO Min Hee-jin has filed for a provisional injunction concerning her reappointment as a director amid claims that the shareholders' agreement remains in effect.
On October 13, Hive clarified that the shareholders' agreement between them and Min has already been terminated, stating that such agreements can be dissolved with written notice, and the termination nullifies any legal obligations. The company emphasized that Min's dismissal was a decision made independently by the Adore board based on management considerations, unrelated to Hive or the shareholders' agreement. Furthermore, Hive expressed regret that Min, who has previously stressed the importance of independent management at Adore, did not adhere to the board's decision.
Meanwhile, Min's side asserted that her dismissal as CEO contradicts the shareholders' agreement and also defies a court ruling against exercising voting rights. They claimed that Min is guaranteed a five-year term as both CEO and internal director by the shareholders' agreement, despite Hive's position on its termination.
