Insurance Group changes CEO unexpectedly

The Vietnam Insurance Group (Bao Viet) has appointed a new Chief Executive Officer, starting from April 1. Mr. Duong Duc Chuyen is temporarily assigned as Bao Viet’s CEO, replacing Mr. Tran Trong Phuc.

A resolution of the Bao Viet Board of Directors on the resignation of CEO Phuc was issued on March 31. Phuc is also no longer a member of the board of directors.

Phuc, born in 1961, holds an MBA degree. He held many positions in Bao Viet before being appointed Chief Executive Officer last April.

Bao Viet’s board of directors decided to temporarily appoint Mr. Duong Duc Chuyen, a member of the board, and director in charge of investment, as the new interim CEO.

Chuyen was born in 1963, and is also an MBA holder. He has worked at Bao Viet for many years, and joined the group’s board of directors last April.

In 2013, after-tax profit for Bao Viet’s shareholders fell to VND1.096 billion, down 19 percent from 2012.

Bao Viet’s 2014 shareholders’ meeting is scheduled on April 24.

The group has not announced specific information on the content of the meeting, but according to the announcement on the list of shareholders attending the meeting, the meeting content does not include anything related to dismissal and election of the board members. Therefore, Phuc’s resignation comes as a surprise.


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