Ms. Nguyen Thi Mai Thanh resigned as Chairwoman of the Board of Directors of REE

Refrigeration Electrical Engineering Joint Stock Company (REE) on the afternoon of May 15 announced to receive the resignation of General Director and legal representative of Mr. Ashok Ramachandran. This resignation was approved by the REE Board of Directors on the same day, but will take effect from May 31.

REE appointed Mr. Nguyen Ngoc Thai Binh, Deputy General Director and Member of the Board of Directors, to replace the position of General Director and legal representative from July 10 “to ensure business continuity”. Mr. Binh is the son of Ms. Mai Thanh, has 18 years of experience working at REE. He was introduced as “having a deep understanding of business operations as well as the company’s strategies and development orientation.”

During the period from Mr. Ashok Ramachandran’s departure until July 10, Ms. Mai Thanh was the temporary legal representative and concurrently held the position of Chairman. She then resigned as Chairwoman and member of the Board of Directors to ensure compliance with legal regulations and company charter for the position of General Director held by her son.

According to the Enterprise Law, one of the conditions to become a General Director is to have no family relationship with the business manager (including the position of Chairman and Member of the Board of Directors).

Ms. Mai Thanh is 74 years old this year. She is considered a “female general” when she has been running REE since the mid-80s of the last century, transforming the business from a state-owned refrigeration equipment factory into a multi-industry enterprise with the fields of mechanical and electrical engineering (M&E), water infrastructure, environment and real estate.

She volunteered three times to lead “utopian missions” for the company and the economy, including equitizing state-owned enterprises, issuing international convertible bonds and bringing shares to the stock exchange.

Reply VnExpress Last year, about the reason for not retiring, she said age is not a limit if you have passion. According to her, “nurturing passion means you can feel joy and happiness in every complex and difficult situation.”

In the announcement sent to shareholders and partners on the afternoon of May 15, she said that her successor is Mr. Lee Liang Whye, Member of the Board of Directors representing major shareholder Platinum Victory Pte. Ltd.

However, she still holds the position of Chairwoman of the Strategy Committee under the Board of Directors and “continues to be closely involved” in business activities, consulting on planning, evaluating and monitoring long-term development strategies.

According to Ms. Mai Thanh, the upcoming changes in the board of directors will help create a solid foundation for the management team towards sustainable growth and development in the future. She added that this maintains stability, strong governance capacity and direction from the Board of Directors.