Vietnam construction machinery distributor 911 Group has new leader after chair’s death

Hanoi-based 911 Group JSC has elected Nguyen Thi Thom as its new chairperson after chairman Luu Dinh Tuan unexpectedly died one day before the firm’s EGM on November 23.

Thom boasts seasoned management experience, a deep understanding of 911 Group’s strategy, and has a commitment to lead the company with the values formed by Tuan, the firm said in a statement on Sunday.

Besides Thom, 911 Group (HoSE: NO1) elected Nguyen Manh Hai and Nguyen Xuan Thanh as board members. Hai holds a 5.05% stake and Thanh 9.78% in NO1.

Thom, 41, joined NO1 in March 2011 and has held several crucial positions at the company, such as chief accountant and CFO from March 2011 to April 2017, board member from May 2017, and deputy general director in August 2017.

Thom, Tuan’s sister-in-law, stepped down as NO1’s deputy general director in April 2024 and board member in June due to personal reasons.

In early October, Thom sold her entire 601,000 NO1 shares, or a 2.5% stake.

Tuan held a 20.83% stake in NO1 while his wife, Nguyen Thi Hai, bought 763,500 NO1 shares to lift her holding to 7.28% this month.

Established in 2011, 911 Group distributes construction machinery and spare parts. It has expanded operations to all three main regions in Vietnam and Laos. It also plans to launch a taxi firm under the brand “911 taxi”, with 2,200 cars set for end-2025.

NO1 earned a net profit of VND19.42 billion ($764,000) on revenue of VND672 billion in the first three quarters of this year, up 211% and 63% year-on-year, respectively.

NO1 shares closed up 3.1% at VND13,300 ($0.52) apiece on November 22, the highest since its listing in 2022. The stock hit the floor at VND12,400 at 9:20 a.m. on Monday.