The Great C-Suite Exodus: Unraveling the Reasons Behind the High Turnover of Top Executives

Q2 Losses

International Dairy Products Joint Stock Company (IDP) has appointed Mr. Doan Huu Nguyen as its new CEO, replacing Mr. Bui Hoang Sang. Mr. Nguyen will also serve as the company’s legal representative, alongside IDP’s Chairman of the Board of Directors, To Hai.

The new CEO, Doan Huu Nguyen, has held senior positions at Kido, Pepsico Vietnam, Cau Tre Corporation, and Left Brain Connectors. He joined IDP in 2013 and has since served as Marketing Director and Executive Director since 2018, and as a member of the Board of Directors since October 2021.

Mr. Nguyen currently does not hold any shares in IDP. In addition to his role as CEO of IDP, he is also the Chairman of the Board of Directors of Long Thanh Dairy Joint Stock Company, a newly established enterprise in Dong Nai with a charter capital of 4 billion VND.

The former IDP CEO, Bui Hoang Sang, had only taken on this position since February 2024, replacing Ms. Dang Pham Minh Loan. Prior to that, he was a strategic advisor to IDP from March 2020.

IDP’s change in leadership comes amid the company’s facing negative business results. In Q2 of this year, the company incurred a loss of more than 36 billion VND, marking the first quarter of loss in its history.

Similarly, Mr. Nguyen Van Thinh has informed the Urban Development and Construction Investment Joint Stock Company (UIC) that he no longer meets the criteria to be an independent member of the Board of Directors.

Specifically, two individuals related to Mr. Thinh, Ms. Nguyen Thi Cuc Nhat (daughter) and Mr. Nguyen Van The Bao (son), purchased a total of 220,000 UIC shares during the period from August 1st to 6th, increasing the total number of shares held by Mr. Thinh and his family to 260,000, equivalent to 3.12% of the charter capital.

According to Article 25 of UIC’s Charter, the criteria for an independent member of the Board of Directors stipulates that the individual must not directly or indirectly own at least 1% of the total voting shares of the company.

Mr. Thinh has served as an independent member of UIC’s Board of Directors since May 2021. Currently, UIC still has another independent Board member, Mr. Le Hoang Thinh, who was appointed in November 2023.

Mr. Pham Trung Kien, CEO and legal representative of Vinh Phuc Infrastructure Development Joint Stock Company (IDV), has submitted his resignation, intending to step down from his position from September 1st for personal reasons.

Mr. Kien took on the role of IDV CEO in July 2021, after serving as Acting CEO and being elected to the Board of Directors in January 2024. Previously, he was the Director of VPID Ha Nam, a subsidiary of IDV.

In addition to his role at IDV, Mr. Kien is currently the Chairman of the Board of Directors of Song Lo Infrastructure Investment Joint Stock Company and Vinh Son Ha Nam One-Member Limited Liability Company. Following his departure from the executive position, he will continue to serve as a member of IDV’s Board of Directors.

Capital Withdrawal

Vietnam Enterprise Investments Limited (VEIL) has received resignation letters from Mr. Chu Duc Chien and Mr. Nguyen Duc Toan, who wish to step down from their positions as members of the Board of Directors due to personal work plans.

Mr. Chu Duc Chien is one of the two new members of the Board of Directors elected at the recent annual general meeting in June. He currently does not hold any VEIL shares and serves as the Deputy Director of Baltic International Joint Stock Company. Mr. Nguyen Duc Toan, on the other hand, was elected to the Board of Directors in 2023.

Vinaconex-ITC has announced the resignation of five members of its Board of Directors and three members of its Supervisory Board for the 2021-2026 term.

Specifically, Mr. Duong Van Mau, Chairman of the Board, along with Mr. Nguyen Tuan Hai, Mr. Le Van Huy, Mr. Vu Duc Thinh, and Mr. Nguyen Dac Truong, have withdrawn from the Board of Directors. Meanwhile, Mr. Vu Manh Hung, Mr. Vu Thai Duong, and Mr. Vu Van Manh (Head of the Supervisory Board) have also resigned from the Supervisory Board.

The reason for resignation stated by Mr. Duong Van Mau, Le Van Huy, Vu Duc Thinh, and Vu Van Manh is that Vinaconex has completed its divestment from Vinaconex-ITC. The remaining members cited personal reasons for their departure.

This series of resignations from senior executives at Vinaconex-ITC occurred shortly after Vinaconex completed the sale of 51% of its capital in VCR, equivalent to more than 107 million shares, during the period from July 14th to August 1st, as part of its investment portfolio restructuring.

Both Mr. Duong Van Mau and Mr. Vu Van Manh continue to hold important positions at Vinaconex. Specifically, Mr. Mau is a member of the Board of Directors and Vice Chairman, while Mr. Manh is the Head of the Supervisory Board.