Hive launched a direct rebuttal to the contents of Adore CEO Min Hee-jin’s press conference. Initially, Hive said that it was “not worth responding” to Representative Min’s press conference claims and that he would not issue a separate statement. However, as CEO Min Hee-jin’s press conference became a hot topic and negative public opinion about Hive grew, it seems that the company belatedly took active action.
On the 26th, Hive refuted CEO Min’s claims one by one by organizing them into a total of 12 items, saying, “We would like to accurately state the facts regarding the remarks made by CEO Min at the press conference to protect shareholder value and intellectual property (IP).” .
First of all, regarding the claim that the takeover of management rights was a joke or a joke, he said, “There are records in the conversation logs and work logs of discussions taking place for the same purpose over several months,” and “It was accompanied by the intervention of a third party on several occasions over a long period of time.” “If that happens, it will no longer be Saddam, but it will be the plan and its execution.”
Regarding the claim that the financial compensation to CEO Min was small, “CEO Min claimed that his annual salary was 2 billion won.” “More precisely, the incentive for performance in 2023 is 2 billion won, and the annual salary and long-term incentives are set separately.” . “This is by far the highest salary ranking among members of Hive’s headquarters and Korean subsidiaries.”
Hive said, “In addition to the annual salary, we provided enormous stock compensation,” adding, “The value of the stock is a large amount that is difficult for ordinary people to imagine. However, CEO Min led the conversation to a breakdown by again suggesting an amount that the company could not accept. “Our company views this process as building a justification for management independence,” he said.
Hive emphasized that the ‘slave contract’ that CEO Min mentioned was also not true. At a press conference the previous day, CEO Min Hee-jin mentioned the ‘contract between shareholders’ and claimed, “It’s a snare for me,” and “It’s like a slave contract.”
Hive said, “CEO Min himself said, ‘I can make 100 billion won even if I just stay still,’ and the condition of being guaranteed a large amount of money and being able to cash it out and start a business in the next year can never be called a slave contract,” adding, “It is a contract that ordinary people cannot even imagine.” “These are unprecedented compensation conditions,” he said.
Regarding the claim that Hive is only negligent in promoting New Genes, he said, “We wrote and distributed 273 press releases for New Genes alone in the past year,” and added, “Big Hit Music, which has a total of 8 teams active as groups and individuals, including BTS, “Even if we compare the 659 cases with the 365 cases of Pledis Entertainment, which had 4 teams including Seventeen, it is difficult to claim that ‘New Genes PR is only neglected,’” he said.
Regarding the claim that shamans are simply friends, he said, “External personnel who intervene in detail in overall management cannot be considered simple friends,” and “The amount of stock options of executives that were not disclosed during the conversation, the names of potential investors, and the shareholding ratio for each investor were recorded. “Structures, etc. are going back and forth, and decisions have been made based on the shaman’s suggestions on various management issues,” he claimed.
Hive said, “These conversation partners cannot be considered mere acquaintances,” adding, “The company is taking seriously the fact that important company information was indiscriminately exposed to outsiders other than company officials, intervened in decision-making, and received job requests.” “He said. Hive previously claimed that CEO Min had been carrying out major company management issues, such as personnel and recruitment, after consulting with female shamans, but CEO Min denied this.
At the same time, Hive said, “For many years, our company has accepted and compromised with CEO Min’s repeated demands, but this time, we learned that these demands were a so-called ‘build-up’ process to seize management rights,” adding, “Regardless of the time, we will continue to recognize the value of multi-label.” “I had no choice but to go on an audit to protect it,” he said.
Meanwhile, Min Hee-jin, CEO of ‘Adore’, the girl group New Jeans’ agency and Hive’s affiliated label, became a hot topic by pouring out harsh words toward Hive during a live press conference on the 25th.
CEO Min Hee-jin, who was suspected of stealing management rights, said at a press conference, “Mr. Dog,” “Youngboy,” “Ji Harsh remarks poured out. Afterwards, a Min Hee-jin fandom phenomenon appeared online, with the T-shirts and hats that CEO Min wore at the press conference being sold out.
Tags: Hive refutes Min Heejins incentive billion won overwhelmingly annual salary
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