Industrial major Gelex appoints new chairman

Nguyen Trong Hien has been appointed chairman of the Vietnam Electrical Equipment Joint Stock Corporation (Gelex) starting Wednesday, replacing Nguyen Hoa Cuong who resigned from the position.

Gelex, listed on the Ho Chi Minh City Stock Exchange (HoSE) as GEX, is a Vietnamese major in industrial production and infrastructure development.

Hien was elected at the firm’s 2023 annual general meeting of shareholders (AGM) for the term until 2026.

Born in 1976, he holds a master's degree in business administration and a bachelor's degree in foreign trade. Hien has more than 20 years of experience in corporate management, finance and investment, corporate restructuring, and strategic planning.

Before joining Gelex as vice chairman of the board of directors in August 2020, Hien held managerial positions at the State Capital Investment Corporation (SCIC), multi-sector corporation REE, and many other listed companies.

At Gelex, Hien is known as a prestigious leader with strategic vision, innovative spirit, and enthusiasm for his work.

Currently, Gelex's board of directors has five members including Nguyen Trong Hien as board chairman; Dau Minh Lam as chairman of the audit board; Luong Thanh Tung as vice board chairman and member of the audit board; Nguyen Van Tuan as board member and general director; and Le Ba Tho as board member and deputy general director.

At the AGM 2023, Gelex shareholders approved the dismissal of chairman Nguyen Hoa Cuong and deputy chairman Nguyen Trong Tieu due to their personal wishes. Cuong and Tieu were known as experienced leaders who made many important contributions through Gelex's development stages.

Gelex also set out a business plan for 2023 with consolidated net revenue of VND37.46 trillion ($1.6 billion) and pre-tax profit of VND1.27 trillion ($54.21 million), up 17% and down 39% respectively compared to 2022.

The board of management said the firm's first-quarter revenue was estimated at VND6.42 trillion ($273.77 million) and pre-tax profit at VND142 billion ($6.05 million), fulfilling only 17% and 11% of the year's targets, respectively.

Ending Friday, GEX, the stock of the firm stayed at VND13,500 ($0.58) each on the HoSE.