JC&C-backed REE’s longtime chairwoman to step down as son takes CEO role
Ho Chi Minh City-based utility firm Refrigeration Electrical Engineering Corp (HoSE: REE) is reshaping its leadership structure in a transition that marks the gradual handover of executive responsibilities to a younger generation.
REE chairwoman Nguyen Thi Mai Thanh. Photo courtesy of the firm.
According to resolutions and disclosures published on Friday, the company accepted the resignation of CEO Ashok Ramachandran, effective May 31, 2026. He will also step down from the board of directors, pending approval at an extraordinary shareholders’ meeting scheduled for July.
To ensure continuity during the transition period, REE said chairwoman Nguyen Thi Mai Thanh will temporarily serve as the company’s legal representative from June 1 to July 10.
The most notable change is the appointment of Nguyen Ngoc Thai Binh, Thanh's son, as CEO for a three-year term beginning July 10. Thai Binh, currently deputy CEO and a board member, has worked at REE for 18 years and is widely viewed as a key figure in the company’s long-term strategic planning.
Notably, Thanh will officially step down as chairwoman and resign from the board on July 10, a move the company said is aimed at complying with regulations concerning independence and related-party relationships tied to the CEO role under Vietnamese corporate governance rules.
She will be succeeded by Lee Liang Whye, a representative of major shareholder Platinum Victory Pte. Ltd, wholly-owned investment subsidiary of Singapore's JC&C.
Despite leaving formal governance positions, Thanh is expected to retain significant influence at the company. REE said she will continue as chair of the board’s strategy committee, where she will oversee long-term planning and advise on development strategy during the transition period.
The upcoming extraordinary shareholders’ meeting on July 10 is also expected to approve amendments to the company charter and review REE’s business performance for the first half of 2026.
REE shares closed at VND60,300 ($2.29) each on Friday.
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