Sunday , May 28 2023

Novaland’s ex-chairman resigns from board

Property developer Novaland announced Wednesday it had accepted the resignation of board member and former chairman Bui Xuan Huy.

He has been replaced by board member and new chairman Bui Thanh Nhon. Huy was Novaland CEO for two consecutive terms, starting in September 2017, before becoming its chairman in January 2022.

Earlier this month, he resigned as chairman, but remained a board member until now.

On Feb. 21, board member Hoang Thu Chau also resigned to focus on management at NovaGroup, the largest shareholder of Novaland. She is NovaGroup CEO.

Half a month before resigning, Huy sold nearly 15 million shares to reduce his ownership from 72.5 million to 57.8 million shares, or 2.96% of Novaland’s capital, and Chau sold nearly 2.3 million shares.

Novaland reported Wednesday that the latest personnel change is part of a restructuring plan the company announced last November.

The company had announced in last year that it would reduce the size of it’s board from 7 to 5 members before re-electing new members.

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