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Securities companies changing staffs
Sixteen securities companies have announced changes in key staff so far this month. Nguyen Thanh Ky, Secretary General of the Vietnam Association of Securities Business (VASB), says ‘there are problems’ in the workforces of securities companies.
Securities companies not … paradise at all
Le Ho Khoi, General Director of Trang An Securities Company, said that many companies have had to change senior staffs because of shareholders’ demands.
Khoi said that in 2007-2008, when the stock market fell continuously, a lot of companies did not obtain the expected profit. At that time, shareholders demanded reconsideration of management posts.
Meanwhile, a lot of managers themselves do not want to work for securities companies anymore as they have found out that the stock market is not … a paradise which can bring a lot of money in a little time.
Le Trung Thanh from the Hanoi Economics University related that he has a friend who decided to shift to work for a securities company in 2006 after working in the pharmacy sector for many years. His friend advanced rapidly in his career at the securities company from deputy head, then head of division and then general director of the company. However, he has finally decided to return to trading medicine.
Thanh sees the changes in the workforces of securities companies as a necessary thing. “This is a kind of ‘blood transfusion’ of securities companies to make the boards of management fit the new circumstances of the stock market,” Thanh said.
Meanwhile, Deputy General Director of Tan Viet Securities Company Hoang Xuan Quyen said that in many cases, senior managers have to leave because of disagreements with the boards of management.
“Many directors do not have the power to make decisions in daily operations, therefore, they leave to seek new environments,” he said. “In other cases, managers have left because they are not satisfied with the pay.”
Blood changing a positive thing
Quyen believes that the ages of many chief executive officers of securities companies have become younger. As many directors remain too young, they are not experienced enough to lead businesses.
“I’m sure that securities companies are now seriously lacking senior staffs who can lead businesses,” Quyen said.
Khoi said that the warming up of the stock market in the last several months has caused a shortage of senior staffs. Trang An Company now has a stable workforce, but it still needs more qualified officers.
“Our post of head of consultancy division remains vacant,” said Khoi.
Pham Hong Son, Senior Official of the State Securities Commission, affirmed that the massive changes with the staffs of securities companies will not cause any disorder in the market. “All senior staffs must meet requirements to be eligible for practicing,” Son said.
Meanwhile, Nguyen Thanh Ky, Secretary General of the Vietnam Association of Securities Business (VASB), though agreeing that the changes will not cause disorder, said that there are existing problems with the workforces of securities companies. He said that VASB plans to gather its member securities companies together to discuss the issue.
VietNamNet, VnMedia
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