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Big economic groups change CEO continuously   2012-07-18 - Dat Viet

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.

 

On July 9, the Vietnam Securities Depository Center received a dispatch from Bourbon Tay Ninh (SBT) which informed about the appointment of three new deputy general directors of the company, including Trinh Minh Chau who has become the permanent Deputy Director of the company.



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.



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