Vinamilk CEO Lien gives up chairwoman post

Vinamilk CEO Mai Kieu Lien and Chairwoman Le Thi Bang Tam. Photo vneconomy.vn

Le Thi Bang Tam, an independent member of the Board of Directors of the company, is its new chairperson. Lien will continue to be the company's CEO.

The appointment was made after a general meeting of the shareholders in 2015, agreed not to allow the chairperson of the Board of Directors to hold the post of CEO also.

Tam,68, was elected as an independent member of the Vinamilk Board of Directors in April in 2013. She has been chairperson of the HCM City Development Joint Stock Bank (HDBank) since 2010.

Tam was the deputy finance minister in the 1995-2006 period and chairwoman of the State Capital Investment Corporation (SCIC) from 2006 to 2008. She holds a PhD in economics from Leningrad University of Finance and Economics (former Soviet Union) and a certificate of international finance from North University, London.

As Vinamilk chairwoman, Lien represented the State's share ownership through the SCIC, which has some 45.06 per cent of Vinamilk shares.

Lien, 62, has worked for Vinamilk for 31 years. She has held several positions in the company. She is an entrepreneur who is well known for her renovations and creativity to make Vinamilk a successful business. She has received many international and domestic awards for her great contribution to economic development, with the latest being in the economic and business innovation category at the 20th Nikkei Asia Prizes in Tokyo in May this year.

Vinamilk's market capitalisation totals US$5.5 billion. This year, the company aims to earn VND38.424 trillion ($1.77 billion) in revenue, aiming for a 9.9 per cent growth over last year, and an after-tax profit of VND6.83 trillion ($315.18 million). This will register an increase of 12.6 per cent and cash dividends of a minimum 50 per cent in after-tax profit.