Refrigeration Electrical Engineering Joint Stock Company (REE) announced on the afternoon of 15/5 that it had received the resignation letter from Ashok Ramachandran, who served as general director and legal representative. REE's board of directors approved the resignation on the same day, with an effective date of 31/5.
REE appointed Nguyen Ngoc Thai Binh, deputy general director and board member, to replace him as general director and legal representative starting 10/7, "to ensure business continuity." Mr. Binh is Ms. Mai Thanh's son and has 18 years of experience at REE. The company highlights his deep understanding of business operations, strategies, and development directions.
During the period from Ashok Ramachandran's departure until 10/7, Ms. Mai Thanh served as interim legal representative while also holding the chairwoman position. She later resigned as both chairwoman and board member to ensure compliance with legal regulations and company bylaws regarding her son's general director role.
According to the Enterprise Law, one condition for becoming a general director is having no family relationship with enterprise managers, including the chairwoman and board members.
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Ms. Nguyen Thi Mai Thanh at REE headquarters, 3/2025. Photo: Quynh Tran
Ms. Mai Thanh is 74 years old. She is likened to a "female general" for leading REE since the mid-1980s, transforming the enterprise from a state-owned refrigeration equipment factory into a multi-industry company with interests in mechanical and electrical engineering (M&E), water infrastructure, environment, and real estate.
She spearheaded three "impossible missions" for the company and the economy: equitizing state-owned enterprises, issuing international convertible bonds, and listing shares on the stock exchange.
Last year, in an interview with VnExpress regarding her reasons for not retiring, she stated that age is not a limitation if one possesses passion. According to her, "if you cultivate passion, you can find joy and happiness even in the most complex and difficult circumstances."
In an announcement to shareholders and partners on the afternoon of 15/5, she stated that her successor is Lee Liang Whye, a board member representing the major shareholder Platinum Victory Pte. Ltd.
Nevertheless, she will retain her position as chairwoman of the strategic committee under the board of directors and "continue to be closely involved" in business operations, advising on planning, evaluating, and overseeing long-term development strategies.
According to Ms. Mai Thanh, the upcoming leadership changes establish a strong foundation for the management team, fostering future growth and sustainable development. She added that this ensures stability, robust governance capabilities, and strategic direction from the board of directors.
Phuong Dong
