HO CHI MINH CITY -- Vietnam Dairy Products (Vinamilk), one of the largest companies on the Vietnam stock exchange, appointed Le Thi Bang Tam as chairwoman on July 25 to replace Mai Kieu Lien, who remains as chief executive, a post she has held since 1992.
Vinamilk is valued at $5.5 billion, and has Vietnam's State Capital Investment Corporation as its biggest shareholder with a 45% stake. The company says it wants to pave the way for a smooth succession when Mai Kieu Lien retires as chief executive in 2017. She is regarded as a top national executive, and is closely associated with the company's success over the past two decades.
The dairy company is targeting 38,424 billion dong ($1.76 billion) in revenue and 6,830 billion dong in net profits in 2015, 10% and 13% increases respectively. Vinamilk's current market shares are 53% for milk, 84% for yogurt and 80% for condensed milk.
According to Chayanee Juengmanon at Seamico Securities in Bangkok, separating Vinamilk's board from its management will help provide a "transition period" for appointing a new chief executive. Separating the two positions is a "reasonable" part of a succession plan, according to Trang Pham at Saigon Securities.
Le Thi Bang Tam, 68, was educated in Russia and the U.K. and was elected as an independent member of board of management of Vitamilk in 2013 by a shareholder group that owns 11% of the company and includes foreigners. She was deputy minister of finance from 1995 to 2006, and chaired the State Capital Investment Corporation from 2006 to 2008. Since 2010, she has chaired the Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank), one of the largest in the country.
http://asia.nikkei.com/Business/AC/Vinamilk-streamlines-top-positions
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