Wood will replace Ho Huy, Chairman of Mai Linh Group, in anticipation of a new regulation that will prohibit a company chairperson from concurrently holding office as CEO of a public company, which is set to take effect this August.

Rahn Wood has over 30 years’ experience working for digital and technology departments at major banks. He has previously held executive positions at private mid-sized lenders Eximbank and Vietnam International Bank (VIB), as well as Vietnam’s leading investment fund VinaCapital.

Mai Linh Group, with a charter capital of VND1.73 trillion ($74.71 million), currently operates in all 63 provinces and cities, but its presence is mainly in the southern region.

Last March, the company merged with Mai Linh Northern and Mai Linh Central, two subsidiaries that it had stakes of 47.79 percent and 47.86 percent respectively. It said the move aimed to raise business efficiency amidst rising competitive pressure from ride-hailing services such as Grab.

In its latest financial report, the company said it plans to increase market share in all localities, earn higher revenues from auxiliary services such as advertising, and step up implementation of e-payment technology. It has targeted pre-tax profits of VND793 billion ($34.24 million) this year, triple that of 2019.