CEO of woodwork producer resigns

In his resignation letter, he said he has fulfilled his duties and achieved certain results since being appointed in September, 2019, but had to step down from the position due to family matters.

Chau, 50, had joined Duc Long Gia Lai five years ago and occupied several key positions in member companies of the multi-industry group before becoming general director. After his resignation, he remains a member of the Board of Directors, holding more than half a million shares of the company.

Duc Long Gia Lai immediately appointed Nguyen Tuong Cot, a new deputy general director who took office mid-August this year, as Chau’s replacement.

Chau’s departure comes at a time that Duc Long Gia Lai is restructuring after its auditors repeatedly doubted its ability to operate.

The company is planning to divest from inefficient firms, tighten spending, recover debts and negotiate with banks to deal with overdue debts of more than VND1.8 trillion ($79.09 million).

In the first six months of this year, Duc Long Gia Lai, under Chau's management, recorded net revenues of over VND900 billion, up 11 percent year-on-year.