However, he will continue to be the company’s chairman.

According to an announcement by the company’s executive board, Nguyen Sy Cong, general director of Unicons, a subsidiary of Coteccons, will replace Duong to lead the company.

The board also approved the establishment of four sub-departments in the fields of strategy, investment, risk management, and salary, bonus and human resource.

“The company has a scale of more than US$1 billion in revenue and more than 2,000 employees and workers. Therefore, Coteccons need to restructure its management following international rules to meet the development demand,” Duong said.

Over the past years, Duong was seen as the chief architect of Coteccons, listed as CTD on the stock market. He became the company’s CEO when it was established in August 2004.

He was recently selected to be a member of giant dairy producer Vinamilk (code VNM) and the head of the company’s salary and bonus sub-department.

Clarifying inquiries from Vinamilk shareholders about the new appointment, company CEO Mai Kieu Lien said the change was in accordance with international administration rules, according to which the company needed an independent member to be in charge of important sub-departments. — VNS