On May 16, Petrolimex Insurance Corporation (PJICO) announced the dismissal of CEO Nguyen Thi Huong Giang due to not meeting the legal representative standards. Pham Thanh Hai, the Chairman of the Board, was appointed as the new legal representative. Giang, who had close to 28 years at PJICO and 3 years as CEO, was replaced along with the dismissal of Deputy CEO Tran Hoai Nam. PJICO reported Q1 revenues of over 890 billion VND and a post-tax profit of 71 billion VND, but cash flow from operations decreased by 58%. The company aims for a gross insurance revenue of 4.4 trillion VND this year, with a projected pre-tax profit of 306 billion VND.
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