All five members of the board of directors (BOD) of Vietnamese carrier Bamboo Airways have announced their resignations ahead of a general meeting of shareholders slated for June 21, following the 2022 huge loss of over VND17.6 trillion (US$747 million).

The five resigning members are Nguyen Trong Ngoc, chairman of the board, Doan Huu Doan, Le Ba Nguyen, Le Thai Sam, and Nguyen Manh Quan, according to documents publicized on the Bamboo Airways website.

Three members of the firm’s board of supervisors, namely Tran Anh Tuan, Pham Van Hung, and Nguyen Dang Khoa, also submitted resignations.

The air carrier will seek shareholders’ approval for the resignations of these eight executives at the upcoming general shareholder meeting.

Shareholders will vote for seven new BOD members and three members of the board of supervisors for the 2023-28 tenure, however, the airline has yet to disclose the lists of candidates.

Bamboo Airways recently named Nguyen Minh Hai as its new CEO. Hai replaced his predecessor, Nguyen Manh Quan, from May 24.

Two former senior executives of Japan Airlines are set to join Bamboo Airways, including Hideki Oshima, former director of Japan Airlines’ international relations, who will become a member of the BOD of Bamboo Airways, and Masaru Onishi, former chairman of Japan Airlines, who will hold the post of senior consultant.

At the upcoming meeting, Bamboo Airways will seek to increase its legal representatives from one to three, including chairman of the director board, CEO, and a BOD member.

Documents released ahead of the air carrier’s general shareholder meeting included the firm’s 2022 audited financial report.

The airline operated more than 51,200 flights carrying over seven million passengers last year, surging 176 percent year on year.

It generated net revenues of over VND11.7 trillion ($495.1 million), a 3.3-fold increase over 2021.

Despite its high revenue, Bamboo Airways incurred a loss of VND17.6 trillion last year as it spent nearly VND9.7 trillion ($410.5 million) and VND2.8 trillion ($118.6 million) making provisions for short-term and long-term bad debts, respectively.

If the provisions had not been not taken into account, the airline’s losses would have been over VND5 trillion ($211.8 million).

The huge deficit in 2022 sent Bamboo Airways’ accumulated losses to VND19.3 trillion ($816.8 million) and its equity to minus VND836 billion ($35.4 million).

The air carrier’s asset value totaled VND18 trillion ($763 million) as of December 31 last year, down VND8.8 trillion ($373.6 million) over 2021.

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