VNDirect's Chairmanship has changed to a new owner after 17 years

Recently, VNDirect Securities Corporation (stock code: VND) announced information about changes in the Chairman of the Board of Directors, General Director and legal representative of the company.

Accordingly, VNDirect's Board of Directors has approved Ms. Pham Minh Huong's resignation from the position of Chairwoman of the Board of Directors to assume the position of General Director and legal representative of the company from April 26.

At the same time, it was decided that Mr. Nguyen Vu Long would cease to hold the position of Acting General Director to assume the position of Chairman of the Board of Directors of the company.

Ms. Pham Minh Huong - General Director of VNDirect Securities Corporation.

The Board of Directors said that the change of the position of Chairman of the Board of Directors and General Director is so that the company no longer maintains the position of Acting General Director, and completes the legal conditions for the company's operations in accordance with legal regulations.

The appointments are effective from April 26, 2023 and until a letter of dismissal/replacement is issued. Thus, VNDirect's senior personnel structure has changed between the Board of Directors and the Board of Management.

Ms. Pham Minh Huong, born in 1966, has held the position of Chairwoman of the Board of Directors of VNDirect and CEO since the company was established in 2006. This is also the first time in the history of VNDirect's operations that the chairman has changed. Ms. Huong currently holds 35.92 million shares, equivalent to 2.95% of VND's charter capital.

For over 16 years, besides the highest position in VNDirect's Board of Directors, Ms. Huong has also been a big name in the Vietnamese financial community.

In addition, Ms. Huong is also a member of the Board of Directors of IPA Investment Group Corporation, Chairwoman of the Board of Directors of H&H Investment Management Company Limited, and Chairwoman of the Board of Directors of HomeFood Food Joint Stock Company.

Mr. Nguyen Vu Long - New Chairman of the Board of Directors.

Mr. Nguyen Vu Long, born in 1987, has been a member of the Board of Directors and Acting General Director of VND since November 2021. Mr. Long currently holds about 10,000 VND shares, equivalent to 0.0008% of charter capital. In addition, Mr. Long is also Chairman of the Board of Directors of IVND Financial Technology Company Limited.

Regarding the financial picture, according to the first quarter 2023 business results report, operating revenue   VNDirect's revenue reached 1,290 billion VND, down 27% over the same period.

Of which, the largest revenue from brokerage and interest from margin lending both decreased sharply by 68% and 46% respectively compared to the same period, only proprietary trading revenue increased by 18% to VND782 billion. Meanwhile, operating expenses also increased by 4%, proprietary trading losses alone increased by 88% to VND220 billion and financial expenses also tripled.

As a result, VNDirect Securities reported a profit after tax decrease of 82% compared to the same period to 140 billion VND. Asset size as of the end of the first quarter of 2023 reached more than 37,000 billion VND, a decrease of more than 1,700 billion VND compared to the beginning of the year.

In 2023, VND sets a target of pre-tax profit of the parent company reaching 2,000 billion VND, equivalent to a growth rate of 16% compared to the results achieved in 2022. Thus, with the results of the first quarter of the year, the company has only completed nearly 9% of the annual profit target .

Source: https://www.nguoiduatin.vn/ghe-chu-tich-cua-vndirect-da-doi-chu-moi-sau-17-nam-a605330.html