The board of Vinhomes JSC (stock code: VHM), the residential property arm of Vingroup, Vietnam's biggest private conglomerate, has issued a resolution dismissing Luu Thi Anh Xuan and appointing Hoa in her place as general director of the company.

No reason was given for this change in leadership. Xuan had held the position of general director for 3 months.

Hoa, born in 1963, has held many executive positions in the Bitexco Group, Royal City JSC., which manages Royal City, a major urban complex in Hanoi; Vincom, Vingroup’s retail arm; as well as parent firm Vingroup.

He has been deputy general director of Vinhomes JSC since 2011, and is a board member of a number of companies under Vingroup.

Since the beginning of this year, Vinhomes had made many changes to its senior personnel. Late February saw Pham Nhat Vuong, the founder of Vingroup, step down as Vinhomes chairman. He was replaced by Nguyen Dieu Linh, who has been vice chairwoman of Vingroup since 2011.

Luu Thi Anh Xuan was also appointed as general director in the same move. She had previously held many senior leadership positions in the banking and finance sector, having worked for Deutsche Bank’s HCMC branch, Citibank and Techcombank.

In the first quarter, Vinhomes recorded consolidated net revenues of VND5.85 trillion ($251.2 million) and net profit of VND2.69 trillion ($116 million). It’s VHM stock has the second highest market capitalization on the HOSE, Vietnam’s main stock exchange.