Extraordinary General Meeting of ITD: Election of New BOD Member, General Director Suddenly Resigns
The extraordinary general meeting (EGM) of ITD Technology Joint Stock Company (HOSE: ITD) elected an additional member of the Board of Directors (BOD) and noted the decision of the General Director to step down unexpectedly during the morning session. The meeting also explained administrative tax violations and outlined ambitions to invest in AI infrastructure and data centers.
On May 29, ITD Technology JSC successfully held its 2026 EGM with participation from 14 shareholders and representatives, holding over 17 million shares, corresponding to 66.84% of the total voting shares of the company.
One of the key agenda items was the election of an additional BOD member for the 2024-2028 term. The vote count recorded Mr. Nguyen Van Manh as elected to the BOD with a 100% approval rate.
Mr. Nguyen Van Manh holds a bachelor's degree in Business Administration and has nearly 20 years of experience in finance, accounting, and corporate governance. Since 2025, he has served as an Independent BOD member at ELCOM Technology & Telecommunications JSC (HOSE: ELC). Since 2023, he has also held the position of Individual Customer Director – Domestic Branch at Rong Viet Securities JSC.
In addition, the EGM considered and approved changes to supplement certain business lines of the company with a 93.01% consensus to comply with current legal regulations, serving the process of reviewing and registering the maximum foreign ownership ratio with the State Securities Commission, expected to take place in September 2026.
This technical adjustment does not change the core business nature of the enterprise but is a preparatory step for ITD to optimize its shareholder structure, expand space to attract foreign capital, and create momentum for major investment plans in the future.
Mr. Nguyen Van Manh speaking at the ITD EGM on May 29 in Ho Chi Minh City - Photo: Thanh Truc
General Director Resigns and Status of Handling Administrative Tax Violations
At the meeting, Vice Chairman of the BOD Nguyen Huu Dung shared information that the current General Director of the company had officially submitted a resignation letter on the morning of the extraordinary meeting. According to him, detailed information regarding this senior executive change will be officially announced by the enterprise on the network system within the next 24 hours, marking preparation for the transfer of the General Director position to the fifth generation in ITD's operational history.
According to ITD's 2025 corporate governance report, Mr. Nguyen Ngoc Trung has held the position of General Director since April 1, 2025, and has been a BOD member since June 29, 2023. Additionally, on May 26, Mr. Nguyen Ngoc Trung sold all of his nearly 1.6 million ITD shares, reducing his ownership from 6% to 0%.
ITD management also explained to shareholders regarding the letter dated May 25, 2026, from the Stock Exchange concerning conclusions of tax law violations. This incident stemmed from certain technical errors in cost processing and invoices from unreliable sources, leading to the company's stock being cut from margin services and significantly impacting the enterprise's reputation.
Chairman Mai Hoai An confirmed that the Company has completed the payment of fines and remedied all the erroneous tax amounts immediately after the working minutes. In the coming time, the BOD will continue to meet to finally resolve responsibilities at the executive level, while building a strict internal control mechanism to prevent similar errors from recurring.
Regarding operational direction, the Company will focus all efforts on investing in two areas that meet market trends: artificial intelligence and data centers. To have resources for data center projects requiring huge capital up to thousands of billions of dong, Mr. Dung shared that the company may temporarily not pay cash dividends but will switch to bonus shares to retain all investment capital resources.
To realize the above direction, the core management team of three people has agreed on the division of roles to focus on doing what each person is best at.
Accordingly, Chairman Mai Hoai An, who has the strongest expertise in software and international languages, will be responsible for software projects, digital transformation projects, and AI. Vice Chairman Nguyen Huu Dung, with 20 years of experience specializing in infrastructure and having participated in building three of Vietnam's largest data centers (for VNG and Vietnamobile), will handle hardware, mainly data center infrastructure projects. The newly elected BOD member, Mr. Nguyen Van Manh, will be responsible for the company's finance.
Thanh Truc
