Gaming giant VNG names acting CEO, mum about predecessor-founder

It did not say anything about what happened to Le Hong Minh, whom it continued to name as CEO in its half-year earnings report.

An acting CEO is often appointed when the CEO is unable to handle operations or has been dismissed.

Wong, who used to be the deputy CEO in charge of online games, has nearly 20 years of experience at various businesses in Vietnam, including deputy CEO of food producer KIDO, managing president of Red Wok Investment and a managing director at Ho Chi Minh City Securities Corp.

All operations continue as usual, the company said in the statement.

Le Hong Minh, CEO of VNG Corp. Photo courtesy of the company

VNG was founded in 2004 with a charter capital of VND15 billion, which has since grown to VND287 billion.

Minh, the founder, remains one of the biggest shareholders. He has been the CEO ever since.

He was the chairman until early last year when he named Vo Sy Nhan in his place.

Online games have accounted for 70% of VNG’s revenues in recent years. The company also operates messaging platform Zalo and payment services.

It has 14 offices across the world including in Hong Kong, Thailand and Singapore.

It reported revenues of VND4.3 trillion for the first half of this year, up 30% year-on-year, and losses of VND600 billion.

In August last year it filed to list on a stock exchange in the U.S., but later withdrew the application.