The Great Resignation: Another Member Steps Down from Loc Troi’s Supervisory Board, Leaving Just One Person Remaining

Loc Troi Group JSC (code: LTG) has just announced the resignation of Mr. Tieu Phuoc Thanh from the position of member of the Supervisory Board.

In his letter of resignation, Mr. Thanh attributed his decision to personal reasons and requested that the General Meeting of Shareholders and the Supervisory Board accept his resignation effective September 6, 2024.

Mr. Tieu Phuoc Thanh, born in 1988, holds a Bachelor of Economics degree. He joined Loc Troi in 2010 as Deputy Chief Accountant of the Grain Industry. Currently, Mr. Thanh is the Head of the Supervisory Board of Loc Troi Agricultural Products Joint Stock Company, an important subsidiary of Loc Troi.

According to a disclosure made by Loc Troi in late June 2024, Mr. Tieu Phuoc Thanh is also the Chairman of the Board of Directors of Hiêu Nhân High-Tech Agriculture Joint Stock Company, Dai Tai High-Tech Agriculture Joint Stock Company, and Hung Phuoc Grain Joint Stock Company. These are all affiliated companies of Loc Troi, with ownership ranging from 46% to 48%.

With the resignation of Mr. Tieu Phuoc Thanh and the previous departure of Ms. Nguyen Thi Thuy from the Supervisory Board, the board is now left with only one member, Uday Krishna.

In the past two months, Loc Troi has experienced significant changes in its senior leadership structure. Most recently, on August 22, Mr. Johan Sven Richard Boden, a member of Loc Troi’s Board of Directors, resigned from his position for personal reasons. Notably, Mr. Johan Boden had only been elected to the Board in June, serving for just two months.

In mid-July 2024, the Loc Troi Board of Directors decided to relieve Mr. Nguyen Duy Thuan from his duties as General Director. Mr. Huynh Van Thon, Chairman of the Board of Directors, temporarily assumed the management of the company until a new CEO is appointed.

Mr. Nguyen Duy Thuan joined Loc Troi in June 2019 and served as CEO for four years. His dismissal came at a time when the group was facing financial losses.

As of now, Loc Troi has not yet published its second-quarter financial statements for 2024 or the semi-annual financial statements for the year. In its latest announcement, the company requested an extension due to unavoidable events.

In the first quarter of 2024, Loc Troi reported net revenue of nearly VND 3,850 billion but incurred a post-tax loss of over VND 96 billion, an increase of VND 15 billion compared to the same period in 2023.