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VietNamNet Bridge – In late June and early July, a series of listed companies
on the stock market--commercial banks and securities companies, continuously
announced the appointment of their key executives and chairs of the board of
directors.
Tran Tuu has been appointed as the Deputy General Director of Bien Hoa Sugar
Company, who has taken office since July 9.
A lot of other companies in different business fields, from hydropower, oil and
gas, rubber and infrastructure development, have also announced their decisions
on the appointments of key managers.
The decision to “change horse” by Vingroup, a big real estate and tourism group,
proves to be the information which has caught the biggest attention from the
public.
Vingroup in mid-June decided to appoint Le Thi Thu Thuy, who has been well-
known in Vietnam as a prestigious finance expert not only in Vietnam but in the
world as well, as the General Director of Vingroup. Thuy would take office when
the Hanoi Planning and Investment Department approves the appointment and grants
the adjusted business registration certificates.
The decision made by the group’s board of director, which has decided that
Vingroup needs to prepare for a deeper global integration, and for the IPO
(initial public offering). It is expected that Vingroup’s shares would be listed
on the Singaporean stock market in the time to come.
Mai Huong Noi, after resigning from the post of General Director, has become the
permanent Deputy General Director and member of the Board of Directors, who will
be in charge of the business and renovation strategies of the group.
Banks, securities companies change CEOs once every six months
The finance and securities sectors are believed to be the biggest sufferers from
the stock market falls. This explains why a lot of banks and companies changed
CEOs recently.
In some cases, the CEOs left the companies for others to be able to enjoy better
pay. In other cases, the boards of directors of the companies change CEOs as a
part of their plan to restructure the companies to survive the current
difficulties.
Especially, the changes have been announced for the two most important positions
at the Trang An Securities Company. A foreigner, Yang Xiao Dong has become the
new President of the company, while Tran Trong Nghia has taken the post of
deputy Chair of the board of directors.
In the banking sector, CEOs have been changed so regularly. Sacombank, one of
the biggest commercial banks now in Vietnam, Tien Phong Bank and VP Bank, were
the names mentioned recently.
On the afternoon of July 4, VP Bank appointed a new CEO for the bank. He is
Nguyen Duc Vinh, a well-known portrait in the banking sector, who was the
General Director of Techcombank, who is believed to play a very important role
in turning Techcombank into one of the biggest private banks in Vietnam.
Dr Le Trong Nhi, a finance and banking expert, said in general, a CEO’s term
lasts 4-5 years. However, in the last five years, a lot of banks changed their
CEOs once in every one or two years. Tien Phong Bank has had three CEOs in the
last two years; Lien Viet Post Bank has changed 3 CEOs within four years.
Nhi said that every bank has its specific reasons to change CEOs. However,
changing managers proves to be an inevitable trend in the context of the merger
and acquisition wave.
The changes of high ranking executives had immediate impacts on the prices of
the shares of the companies. Just several days after Vinaconex appointed To Linh
Huong, born in 1988, a graduate of the Propaganda and Communication Academy, as
the chair of the board of directors, a lot of big shareholders withdrew capital
from Vinaconex.
Source: Dat Viet
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