VietNamNet Bridge – Approximately 100 CEOs or Chairs of 90
listed companies were forced to remove from the office in 2012.
2012 was an unlucky year for many
businessmen. About 100 leaders lost their positions in the year. This is really
a small number if noting that Vietnam has 700 businesses listing their shares
on the bourse, which means that only 15 percent of the leaders have left.
However, there were really a lot
of big changes in the key personnel of enterprises, if counting on the changes
to other positions, including the member of board of directors or other
important seats.
The businesses in the fields of
technology, banking, securities and real estate proved to be the ones that
witnessed the most changes in ranks and positions.
General Director of An Phu
Radiation Company--Vuong Dinh Khoat, lost his position just after six months at
the office, after the board of directors found that the company only fulfilled
1/5 of the targeted business plan.
The leave of Truong Dinh Anh,
General Director of the biggest technology group in Vietnam FPT after 20 months
in the post, once stirred up the public.
Anh took the credit for turning
FPT’s Internet Center with the revenue of VND100 million in the first year of
operation into FPT Telecom, a subsidiary of FPT with the revenue of $100
million in 2008. This was why Anh was put into the position of FPT’s CEO.
Anh was hoped to help add FPT
group into the list of top 500 of Forbes Global 2000. The group also hoped to
obtain the four-fold profit growth rate in 2011-2014. However, the revenue and
profit in 2011 of the group only increased by 30 percent, much lower than the
expectations.
Finally, Anh decided to leave the
post quietly after 20 months of taking the office. Insiders commented that the
leave was undesirable for Anh, who once stated that he would never resign from
the post unless he is asked to leave.
The stock market in 2012
witnessed the leave of many high ranking managers, such as President Nguyen Ho
Nam and CEO Nguyen Thanh Hung from Sacombank Securities, or Le Dinh Ngoc and
Mac Quang Huy from Thang Long Securities.
The tumbling of the stock market
has made the trillions of dong worth of capital lent to investors by the
companies turn the big losses.
In fact, the leaves of the
businessmen were foreseeable. In many other cases, CEOs and Presidents had to
leave unexpectedly when the businesses which they managed were taken over by
new shareholders, who, of course, wanted new apparatus of leaders.
These included President of the
HCM City Foreign Trade and Investment & Development Company or President of
Sacombank, one of the biggest Vietnamese Banks Dang Van Thanh. They both were
the founders of their businesses and devoted themselves working there for tens
of years.
Commenting about the tendency,
Hoang Thach Lan, a well-known economist, who once worked for the HCM City Stock
Exchange, said changing managers should be seen as an action of restructuring
businesses in the difficult period.
He said shareholders have the
right to replace the leadership once the businesses cannot obtain the good
business results as they expect. However, the problem is that no one knows for
sure how many enterprises changed CEOs just to renovate the management method.
Especially, a lot of very young
businessmen have been put into the most very important positions of businesses.
These included the new CEO of VNDirect Nguyen Hoang Giang, President of
Vinaconex To Linh Huong or President of ACB Tran Hung Huy.
Lan noted that in many cases,
changing CEOs to improve the corporate governance was just a screen for the
benefits of the groups of interests.
Manh Ha
Business & Investment Opportunities
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