VDM names new CEO

VDM Group shares surged on news the company’s chief executive has stepped aside, with former BGC Contracting manager Sam Diep to take the helm.

Dongyi Hua, who has served as VDM’s chief executive for nearly three years, will transition to a part-time role as the company’s executive director, mining, and will focus on the growth of the business’s mining division.

Replacing Mr Hua, Mr Diep will join the company at the end of the month to become VDM’s new CEO.

Mr Diep will join VDM from BGC, where he served as general manager pre-contracts, and before that as manager of business development and estimating.

He also held senior positions including both general manager business development and operations manager at DTMT Construction, and was a director for Brain Projects in China.

Mr Diep will receive a base salary of $369,308 including superannuation.

The CEO transition comes after VDM finalised terms for an $18 million loan facility with its largest shareholder to fund an investment in a copper project in the Republic of Angola.

VDM shares were 25 per cent higher to 0.5 cents each at 12:45pm.