Resignations and new appointments shake up Bamboo Airways' Board of Directors

June 15, 2023 | 10:00
(0) user say
Bamboo Airways has witnessed a series of resignations from key board members and is preparing to welcome new leaders, signalling significant changes in the airline's governance structure.
Resignations and new appointments shake up Bamboo Airways' Board of Directors

Bamboo Airways has announced important updates regarding its annual shareholders' meeting for 2023. All five members of the Board of Directors (BoD) serving for the 2019-2024 term have submitted resignation letters. These include Nguyen Ngoc Trong, Doan Huu Doan, Le Ba Nguyen, Le Thai Sam, and Nguyen Manh Quan.

To ensure the continuity of the board’s operations, Bamboo Airways plans to propose the exit of the aforementioned members at the upcoming meeting, coinciding with the election of a new board for the 2023-2028 period. The company has nominated seven new candidates.

In addition, all three members of the Supervisory Board, Tran Anh Tuan, Pham Van Phung, and Nguyen Dang Khoa, have also submitted their resignation letters. The BoD will propose the removal of these members, leading to the election of new Supervisory Board members for the 2023-2028 term.

Among the resigning BoD members, Nguyen Ngoc Trong is noteworthy as he is the first deputy CEO of Bamboo Airways. With over four decades of experience in the aviation industry, Trong brings extensive expertise to the sector.

Another significant resignation is that of Le Thai Sam, who holds a substantial stake in Bamboo Airways and has provided a significant loan to the company. He has experience in real estate, trade and services, and finance and banking.

Previously, Sam, a member of the BoD at both FLC and Bamboo Airways, has provided the airline with a credit facility of around $345 million. In early May, FLC announced a resolution to transfer over 400 million Bamboo Airways shares, accounting for 21.7 per cent of the company's capital, to Sam.

Prior to this transaction, Sam held 231.7 million BAV shares, equivalent to 12.53 per cent of the airline's charter capital. Consequently, he is set to acquire a stake of more than 34 per cent in Bamboo Airways.

Moreover, Doan Huu Doan, vice chairman of the BoD and deputy CEO of Bamboo Airways, has resigned citing personal business reasons.

Bamboo Airways has appointed Nguyen Minh Hai as the new CEO, replacing Nguyen Manh Quan.

In a recent report, NNA Asia, a news agency under Japan's Kyodo News, disclosed Bamboo Airways' intention to recruit two former senior leaders of Japan Airlines to join its BoD.

Hideki Oshima, the former director of International Relations and Alliances, is expected to assume a senior leadership position, while Masaru Onishi, the former chairman, is set to become a senior advisor.

Japan Airlines, the second-largest airline in Japan, had expressed interest in deepening cooperation with Bamboo Airways during a meeting between the leaders of both companies in Hanoi at the end of 2019.

Bamboo Airways reported a significant increase in net revenue for the year, but also a substantial loss, resulting in negative equity.

In response to inquiries from the government's official news portal on June 12, a representative of Bamboo Airways revealed that the airline is currently in the process of completing the ownership transition from the previous investors to new ones.

The restructuring initiative is a meticulous undertaking, requiring considerable time and effort. This comprehensive reorganisation entails the recruitment and hiring of highly experienced senior personnel from international airlines to augment Bamboo Airways' workforce and enhance its capabilities.

Bamboo Airways opens representative office at Sydney Airport Bamboo Airways opens representative office at Sydney Airport

By launching a new office, Bamboo Airways has expanded its presence in Australia and international markets.

Novaland restructures Board of Directors Novaland restructures Board of Directors

No Va Land Investment Group Corporation (Novaland) is carrying out the procedure to consult shareholders on changing the members of the Board of Directors, cutting from 7 to 5 and taking the re-election of these members.

By Trung Duong

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional