The Board of Directors (BOD) of Novaland Group (NVL) announced the election of Bui Cao Nhat Quan as Chairman for the 2026-2031 term. He replaces founder Bui Thanh Nhon. Quan was also elected as a BOD member at the shareholder meeting this afternoon.

Management stated that Quan's appointment as chairman signifies a generational succession and a shift in Novaland's management philosophy. The company is transitioning from a founder-led model to a modern, flexible governance structure, adapting to new contexts while preserving its core values.

Born in 1982, Bui Cao Nhat Quan is the son of Bui Thanh Nhon. He holds a Bachelor of Business Administration from Western Washington University, US. Quan has over 20 years of experience, directly participating in company operations at various stages. He previously served as Chairman of Novaland's Executive Board.

Bui Cao Nhat Quan - Novaland's new BOD Chairman. Photo: NVL

In conjunction with the transfer of the Chairman position, Novaland established the Strategy - ESG Committee and appointed Bui Thanh Nhon as its Chairman. This committee advises on Novaland's mid- and long-term strategic development direction, ensuring sustainable development goals and ESG standards.

"Bui Thanh Nhon will continue to provide direction, oversight, and inspiration for Novaland to firmly enter a new chapter of development", Novaland's press release stated.

At the annual meeting this afternoon, Nhon said the BOD had thoroughly discussed and developed a systematic plan for the generational leadership transition. The goal is to ensure NVL's stability and sustainable development.

According to Nhon, Novaland needs a combination of the preceding generation's experience and the dynamism and innovative thinking of the succeeding generation. The new leadership will directly manage and lead the company in its next development phase, which he calls "sustainable but fast and strong."

"I am confident that with the dynamism and decisiveness of young leaders - who have matured through challenges - Novaland will soon recover and develop strongly again", Nhon said.

Last week, NovaGroup - Novaland's parent company - announced that Bui Thanh Nhon had handed over the role of Chairman of the Board of Directors to Bui Cao Nhat Quan. Nhon will focus on strategic guidance and support the leadership team. He also retains his position as Chairman of Nova Holding - the parent company with controlling shares in NovaGroup.

This year, Novaland targets a record revenue of 22,715 billion dong and an after-tax profit of 1,852 billion dong, a slight 0.5% decrease due to rising interest rates. The company's focus is on stabilizing cash flow by accelerating the handover of over 2,600 products and selling over 2,100 new products.

At a recent press meeting, management stated Novaland has overcome its most difficult period, and its comprehensive restructuring process is "basically complete." They aim for 2026 to be the final year of corporate restructuring. Novaland will continue to implement solutions such as structuring appropriate payment schedules for existing debt; raising capital through private stock issuance and financial institutions to ensure resources for project development.

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