Shake-Up at the Top: The Rise of High-Level Personnel Changes in Corporate America
Loc Troi Group Joint Stock Company Undergoes Senior Leadership Changes
Loc Troi Group Joint Stock Company (stock code: LTG) has recently accepted the resignation of Mr. Tieu Phuoc Thanh, a member of the Board of Supervisors, due to personal reasons. Mr. Thanh’s resignation will take effect from September 6.
Mr. Thanh, 36, holds a bachelor’s degree in Economics and has been with Loc Troi since 2010. He has held various positions within the company, including Deputy Head of the Food Industry Accounting Department and Head of the Board of Supervisors of Loc Troi Agricultural Products Joint Stock Company.
In addition to his role at Loc Troi, Mr. Thanh also serves as Chairman of the Board of Directors of Hieu Nhan High-Tech Agriculture Joint Stock Company, Dai Tai High-Tech Agriculture Joint Stock Company, and Hung Phuoc Food Joint Stock Company. These companies are all affiliated with Loc Troi, with ownership ratios ranging from 46-48%.
Recent Changes in Senior Leadership Structure
Loc Troi Group Joint Stock Company has experienced a series of changes in its senior leadership structure in recent months. Prior to Mr. Thanh’s resignation, Ms. Nguyen Thi Thuy, a member of the Board of Supervisors, also submitted her resignation in July.
The company’s Board of Supervisors now consists of only Head of Board Uday Krishna. Furthermore, in mid-July, LTG announced the dismissal of Mr. Nguyen Duy Thuan from the position of General Director. Mr. Huynh Van Thon, Chairman of the Board of Directors of Loc Troi, will temporarily manage the company’s operations until a new General Director is appointed.
Resignation of Board Member Johan Sven Richard Boden
On July 21, LTG received the resignation letter of Board member Johan Sven Richard Boden, who was elected to the company’s Board of Directors for the 2024-2029 term on June 26. Mr. Boden cited personal reasons for his resignation, which will take effect from August 23.
Notably, Mr. Boden was elected to the Board of Directors of Loc Troi just two months prior to his resignation. He is currently the General Director of DenEast Vietnam Co., Ltd.
Postponement of Financial Report Announcement
In late August, LTG requested to postpone the announcement of its second quarter financial report and extend the announcement of its audited semi-annual financial report for 2024. The company cited force majeure events as the reason for the delay.
According to regulations, listed companies must submit their second quarter financial reports by July 31. Loc Troi initially requested to postpone the announcement of its second quarter financial report until August 30 but later requested a further extension.