CEO of firm operating at Ben Thanh Market resigns after 9 years of service
CEO of firm operating at Ben Thanh Market resigns after 9 years of service
Tran Huu Hoang Vu, the top executive of Ben Thanh Trading and Service Joint Stock Company (Ben Thanh TSC) operating at Ben Thanh Market, a vibrant shopping center in Ho Chi Minh City, will leave his post early next year after holding the post since 2016, according to the board of directors (BOD).
The upper part of the front side of Ben Thanh TSC, located at 2-4 Luu Van Lang Street in Ben Thanh Ward, District 1, Ho Chi Minh City. Photo: Ben Thanh TSC |
As per its recent decision, the board will relieve Vu, 52, of his post as CEO and his role as the legal representative of Ben Thanh TSC from January 1, 2025, after receiving his resignation letter on December 12.
Vu is obligated to hand over all records and assets to his successor, Nguyen Viet Hoa, chairwoman of the board of directors.
In June, the board removed Vu as a member, according to Vietstock, a financial-securities portal.
As Hoa will become the new CEO, Pham Hoang Liem, a current BOD member, will replace her as board chairperson in early next year.
As such, on January 1, 2025, the board of Ben Thanh TSC will have four members: chairman Liem, Truong Nguyen Thien Kim, Bui Thi Thu Thuy, and Nguyen Thi Tuong Nga.
The company has notified the Ho Chi Minh City Stock Exchange about these personnel changes.
Ben Thanh TSC now operates four trading centers, including Ben Thanh Dong, Ben Thanh Tay, Dan Sinh and Ben Thanh Jewelry at Ben Thanh Market, a prominent landmark in District 1.
Pursuant to a decision of the BOD on December 20, the company agreed to terminate the operation of Ben Thanh Tay Center.
In his resignation letter, Vu, B.Econ and a construction engineer, said he and other executives had made great efforts during the past several years to meet or exceed the board's targets.
However, it was time for Ben Thanh TSC to have a new leader so that the corporation would meet the increasing expectations of shareholders, and keep up with the momentum of breakthroughs and achievements, Vu stated in the letter.
He therefore lodged his resignation as CEO and legal representative of Ben Thanh TSC and asked that his labor contract be terminated as of January 1, 2025, Vietstock reported.
Currently, Vu owns 2,621 shares, equivalent to 0.0194 percent of Ben Thanh TSC.
In addition to Ben Thanh TSC, Vu holds positions at other organizations such as vice-chairman of the BOD of Thinh Vuong Investment JSC, member of the BOD of Vinh Loc-Ben Thanh Service JSC, and chairman of Ben Thanh Sun Ny Co., Ltd.
Ben Thanh TSC, formerly known as Ben Thanh General Trading Company, was established in 1992 and mainly operates in commercial trading, real estate services, and financial investment.
For the year 2024, Ben Thanh TSC has targeted consolidated revenue of VND249 billion (US$9.8 billion), up three percent from 2023, and VND52 billion ($2.04 billion) in pre-tax profits, down 17 percent, according to Vietstock.
The company said that these two targets were achieved at the rates of around 80 percent and 88 percent, respectively, after the first nine months.
The firm also reported earning more than VND196 billion ($7.7 million) in net revenue, up 19 percent year on year, and over VND36 billion ($1.4 million) in net profits, down 10 percent, over the January-September period.
