REE Chairwoman Nguyen Thi Mai Thanh Resigns, Son Takes CEO Role

Overview

REE Corporation (HOSE: REE) announced a major leadership reshuffle effective July 10, 2026. Chairwoman Nguyen Thi Mai Thanh will step down, with Lee Liang Whye of major shareholder Platinum Victory Pte. Ltd. taking over as Chairman. Her son, Nguyen Ngoc Thai Binh, will become General Director, replacing Ashok Ramachandran. The changes align with Vietnamese corporate governance rules and come as REE reported strong Q1 2026 results.

Key Facts

• Chairwoman Nguyen Thi Mai Thanh resigns as Chairwoman and board member effective July 10, 2026.
• Lee Liang Whye, representing Platinum Victory Pte. Ltd. (a major REE shareholder), will succeed her as Chairman.
• Nguyen Ngoc Thai Binh, previously Deputy General Director and board member, becomes General Director and legal representative from July 10, 2026.
• Ashok Ramachandran resigned as General Director and board member effective May 31, 2026.
• REE will hold an extraordinary general meeting on July 10, 2026 to approve the resignations and amend the company charter.
• Q1 2026 net revenue reached VND 2,470 billion (+20% YoY), with power and water infrastructure contributing VND 1,440 billion (+8%).
• Q1 2026 net profit after tax was VND 714 billion, up 17% year-on-year.

What Happened

REE Corporation announced a series of leadership changes in a board resolution. Ashok Ramachandran resigned as General Director and board member effective May 31. To comply with the Law on Enterprises, which prohibits family relationships between the General Director and board members, Chairwoman Nguyen Thi Mai Thanh (mother of incoming General Director Nguyen Ngoc Thai Binh) will resign as Chairwoman and board member effective July 10. She will remain as Chair of the Strategy Committee.

Lee Liang Whye, a board member representing Platinum Victory Pte. Ltd., will become the new Chairman. Nguyen Ngoc Thai Binh, with 18 years at REE, will take over as General Director. The company will convene an extraordinary general meeting on July 10 to formalize these changes and report first-half 2026 results.

Market Context

REE shares closed at VND 60,300 on May 15, 2026, down 0.33% with volume of 704,600 shares. The stock has been supported by steady earnings growth, with Q1 2026 net profit rising 17% to VND 714 billion. REE is listed on HOSE and operates in power and water infrastructure, a sector benefiting from Vietnam’s growing energy demand and urbanization. The leadership transition introduces governance changes but retains strategic continuity through the founder family’s involvement.

Strategic Significance

The leadership change addresses corporate governance requirements while keeping the founding family engaged. Nguyen Ngoc Thai Binh’s deep operational experience suggests stable management, while Lee Liang Whye’s appointment strengthens the link with Platinum Victory, a key institutional shareholder. The move may enhance governance standards, potentially improving foreign investor sentiment. REE’s core infrastructure business remains robust, with power and water segments driving revenue growth.

What to Watch

• Outcome of the extraordinary general meeting on July 10, 2026, including shareholder approval of board changes.
• Q2 2026 earnings release to assess whether growth momentum continues.
• Any strategic shifts under the new Chairman and CEO, particularly in M&A or capital allocation.
• Foreign ownership levels and any changes in institutional investor positioning.
• Updates on Platinum Victory’s long-term commitment and potential board initiatives.