Tuesday , June 6 2023

Property developer Tan Tao dismisses CEO

Property developer Tan Tao Investment and Industry Corp. has dismissed its CEO Dang Quang Hanh less than a year after he took the job.

He is a younger brother of chairwoman Dang Thi Hoang Yen, who signed his dismissal order.

But Hanh remains one of the company’s three board members.

Deputy CEO Nguyen Thanh Phong has been named his replacement. Phong, 47, has been with Tan Tao for nearly 25 years and deputy CEO for four year.

For Hanh, who took over in May last year, this was his second short-lived stint as CEO after resigning once in 2017 within just a month saying he was not present often enough to manage the company.

Last year Tan Tao’s revenues fell by 35% to VND600 billion ($25.57 million) as it reported losses of VND257 billion, the second year in a row in which it was in the red.

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