Suddenly the entire board of directors and the general director of a company resigned.

A listed company on the Hanoi Stock Exchange has just announced information about a series of changes in senior personnel.

According to the announcement, Investment and Construction Joint Stock Company 40 (stock code L40) has received the resignation letter from Mr. Le Dinh Hien as Chairman of the Board of Directors. At the same time, the company also received the resignation letter from two members of the Board of Directors, Mr. Tran Bac Viet and Mr. Ha Huy Khanh. At the same time, the company also received the resignation letter from Mr. Nguyen Van Son as General Director. The reasons for the resignation of the members of the Board of Directors and the General Director are all based on personal wishes.

The entire Board of Directors and General Director of L40 Company resigned (in the photo is a project implemented by L40)

PHOTO: L40

In his resignation letter, Mr. Le Dinh Hien asked the Board of Directors to remove him from his position as a member of the Board of Directors and Chairman of the Board of Directors for the 2021-2025 term from March 7 and to be approved by the 1st Extraordinary General Meeting of Shareholders in 2025. Meanwhile, General Director Nguyen Van Son stated in his resignation letter that he realized he could not fulfill the duties and responsibilities of this position in the coming time. He committed to fully support the handover process to ensure that the company's operations are not affected. Mr. Son resigned on March 6.

Before submitting their resignations, the above leaders also registered to sell all of the L40 shares they were holding. In addition, Lam Dong Irrigation Investment and Construction Joint Stock Company, the parent company of L40, also registered to sell all of its more than 1.83 million L40 shares (accounting for 51% of capital). Mr. Le Dinh Hien is also the Chairman of the Board of Directors of this company.

Notably, the resignation letters of a series of senior leaders were written on March 7, right before the company held its first extraordinary general meeting of shareholders in 2025 on the afternoon of March 7. In addition, the collective resignation of L40 senior leaders took place when the company was preparing to hold its 2025 annual general meeting of shareholders, which was scheduled to be held next April.

The resignation and collective divestment from the parent company to senior leaders at L40 is considered quite surprising when the business results of this unit increased. In 2024, L40 achieved revenue of 341 billion VND, more than 3 times higher than in 2023 and after-tax profit increased dramatically 38 times over the same period, to nearly 43 billion VND. L40 shares on the Hanoi Stock Exchange are trading around 40,000 VND/share, up nearly 18% compared to the beginning of the year.