HCMC – Bui Thanh Nhon, founder of NovaGroup, has officially come back to the property developer Novaland as chairman and legal representative, according to a press release issued this afternoon, February 3.
Nhon’s return to the top post is part of the restructuring project that NovaGroup, Novaland’s largest shareholder, has been carrying out to ensure stable business activities.
This group is in talks with leading financial services companies, such as KPMG, EY-Parthenon and Deloitte, to make positive changes in its structure and growth strategy. It has also downsized its board from seven members to five.
Bui Thanh Nhon transferred the post of chairman of Novaland to Bui Xuan Huy in January 2022 to focus on leading NovaGroup, but Novaland has since struggled with woes due to global economic uncertainties, inflation fears and the impacts of the Covid-19 pandemic.
Many of Novaland’s board members suggested Nhon take back the seat of chairman to lead the property developer through tough times at the end of November last year.
Novaland saw its revenue dropping 25% to VND11.1 trillion in 2022, with the after-tax profit falling by 34% to VND2.29 trillion.