Novaland’s new CEO Duong Van Bac. Photo courtesy of the company
Property developer Novaland has named CFO Duong Van Bac as its new CEO.
The rejig, which took effect Friday, is part of Novaland’s strategic restructuring plan aimed at enhancing its leadership and tackling challenges.
Bac, 39, has over 17 years of experience in finance and real estate, investment and valuation.
He held various senior roles in these areas before joining Novaland as CFO in August 2023 and being promoted as deputy CEO a month later.
Novaland has completed its restructuring over 20 months, mobilizing funds from new sources to pay off debts and develop new projects.
Novaland posted VND2.95 trillion ($116.60 million) in profit in the third quarter, a historic record, up 21 times from the same period last year.
It is working closely with regulatory authorities to resolve legal obstacles faced by some of its key projects.
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