PNJ Finance Director Resigns as Workforce Shrinks by 1,000 and Profit Falls 62%

Overview

Phú Nhuận Jewelry (PNJ), listed on HOSE, disclosed that Senior Finance Director Nguyen Minh Hai tendered his resignation for personal reasons, effective 17/11/2026, and the board has accepted it. The departure comes as the company reports a workforce reduction of about 1,040 employees in Q3 2026 alongside a 14% year-on-year revenue decline and a 62% drop in gross profit. No replacement has been named.

Key Facts

• Nguyen Minh Hai resigns as Senior Finance Director for the 2025–2028 term effective 17/11/2026; the board accepted the request, citing personal reasons.
• Hai assumed the role on 1/1/2025, succeeding Dang Thi Lai, and leaves well before the end of his term.
• He holds 90,750 PNJ shares, equal to roughly 0.02% of charter capital.
• PNJ headcount stood at 7,123 at 30/9/2026, down about 1,040 people, or nearly 13%, from the end of Q2 2026.
• The distribution network shrank by more than 30 points of sale over the same three-month period.
• Q3 2026 net revenue was approximately VND 6,995 billion, down 14% year-on-year; gross profit fell to about VND 609 billion, down 62%.
• Gross margin narrowed from nearly 19.8% to 8.7%; financial expenses rose to more than VND 82 billion, driven mainly by interest costs.

What Happened

In a company disclosure, PNJ said it received a resignation letter from Nguyen Minh Hai, Senior Finance Director for the 2025–2028 term, citing personal aspirations. The board of directors reviewed and approved the request, and Hai formally steps down on 17/11/2026 with no remaining position at the company. The board has tasked the chief executive officer with completing the related personnel procedures and ensuring continuity at the finance division. PNJ did not announce a successor in this disclosure.

Hai took the finance post on 1/1/2025 under a board appointment approved in December 2024, replacing Dang Thi Lai, after previously serving as PNJ’s director of financial investment strategy. The filing also notes he is chief executive of EFIMA Joint Stock Company and a member of the members’ council of CAO Fashion One Member LLC, a role he will leave on 17/11/2026. The resignation follows a Q3 2026 consolidated report showing the workforce at 7,123 employees at 30 September, down about 1,040 from the end of Q2, with more than 30 sales points closed.

Market Context

PNJ closed at VND 15 on 6/11/2026, down 0.66% on volume of 5,018,800 shares, a price level that reflects sustained pressure on the retail jewellery segment. The Q3 numbers point to a margin problem rather than a demand collapse alone: revenue fell 14% but gross profit fell 62%, with gross margin compressing to 8.7% from 19.8%, consistent with gold-price volatility squeezing the spread between input cost and retail pricing. Selling and administrative expenses fell 13% and 11% respectively, in line with the store and headcount reductions, while financial costs rose above VND 82 billion on borrowing. The stock trades on HOSE within the consumer discretionary retail group.

Strategic Significance

The finance director’s exit matters less for the 0.02% stake than for timing. PNJ is simultaneously shrinking its store network, cutting roughly 13% of staff and absorbing a margin shock, and it now loses the executive responsible for cost control, funding and disclosure at the point where working-capital management and gold-inventory hedging are most critical. The absence of a named successor leaves the finance division under interim CEO oversight, which raises execution risk on any restructuring of inventory or debt. For long-term holders, the test is whether the margin compression is cyclical, tied to gold price swings, or structural, tied to a weaker retail format; the headcount and store cuts suggest management is treating it as at least partly structural.

What to Watch

• A filing naming a permanent Senior Finance Director or an interim appointment for the finance division.
• Q4 2026 consolidated results, particularly whether gross margin recovers above the 8.7% Q3 trough.
• Further disclosure on store count and headcount at year-end 2026, confirming whether the network reduction has stabilized.
• Any update on borrowing and financial expenses, which exceeded VND 82 billion in Q3 2026.
• Gold price trends and PNJ’s inventory valuation and hedging disclosures in the annual report.