Binh now in full control of FPT

On September 26, FPT’s Management Board  decided current board chairman Truong Gia Binh will concurrently hold the post of FPT chief executive officer (CEO) after accepting CEO Truong Dinh Anh’s resignation, according to newswire VnExpress.com.

In the morning of the same day, Anh sent a resignation letter to FPT management board, arguing that divergences in strategy planning and management approach between him and the management board the key reason behind his move.

Under the Management Board Resolution, Anh left the post of CEO on September 26, but continued to be member of the management board and Founder Council of parent company FPT.
Besides, Truong Dinh Anh will continue to be part of the management board and senior advisor in FPT member companies such as FPT Retail, FPT Telecom and FPT Online.

Binh concurrently held CEO post from September 26 until getting official nomination at FPT annual general shareholder meeting slated to take place in early 2013.

FPT will continue the process of finding and selecting suitable candidates to the CEO post in the forthcoming time, according to a FPT source.

As one of 13 founders, Binh took the helm at FPT in the first two decades. Under his leadership, from 13 members initially FPT has grown into Vietnam’s leading information communication technology group with $1 billion revenue in 2008. In April 2009, he handed over CEO post to Nguyen Thanh Nam and focused on the group’s strategy planning and governance.

FPT affirmed the move was to ensure the group’s sustained development and better prepare for future CEO post handover.

Before delivering the resignation, former CEO Anh took two-month leave and returned to work from September 17.

Anh was FPT’s third CEO after taking office in March 2011 on the back of his outstanding achievements at FPT Telecom, bringing the company from a tiny Internet centre with four persons to become a leading online services provider and one of three businesses most influential to internet development in Vietnam.

FPT handed over CEO post to Anh when embracing its ambitious plan to quadruple profit figures within four years and to be named among top 500 businesses in global Forbes list.

FPT’s management board confirmed the group would further pursue OneFPT strategy highlighting core business lines Information Technology and Telecom after Binh assumed the CEO post.

In the year ending August, FPT reaped revenue of VND15.3 trillion ($728.5 million) and pretax profits VND1.54 trillion (73.3 million). Earlier, due to market vulnerabilities the group had scaled down its full-year revenue targets from VND31.3 trillion ($1.5 billion) to VND26.072 trillion ($1.24 billion) and pretax profits from VND3 trillion ($142 million) to VND2.547 trillion ($121 million).

FPT consists of 10 member companies with more than 13,000 members and around VND15 trillion ($714 million) total asset value. It has made inroads in 11 countries worldwide.