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TTA announces leadership succession plans

Back Sep 26, 2013

Mr. Chalermchai Mahagitsiri to succeed M.L. Chandchutha Chandratat as President & CEO of TTA
Mr. Krailuck Asawachatroj to succeed Ms. Thitima Rungkwansiriroj as CFO

Bangkok, Thailand, 26 September 2013 -- Thoresen Thai Agencies Public Company Limited ("TTA") announced a key senior leadership succession plan following the Board of Directors' recognition of M.L. Chandchutha Chandratat and Ms. Thitima Rungkwansiriroj's intention to resign from their respective positions as President & CEO and Executive Vice President, Corporate Finance and Accounting ("CFO").

Mr. Chalermchai Mahagitsiri, who currently serves as TTA's Executive Vice Chairman, will be appointed President & CEO and Ms. Thitima Rungkwansiriroj will be succeeded by TTA's Executive Vice President of Corporate Strategy, Mr. Krailuck Asawachatroj, following the completion of a transition process.

Mr. Prasert Bunsumpun, Chairman of TTA's Board of Directors, stated, "M.L. Chandchutha Chandratat has guided TTA since 2005, shaping the Company's strategy, direction and evolution from a pure shipping company to a conglomerate with investments across a diversified set of businesses in Thailand and beyond. Since joining TTA in 2009, Ms. Thitima Rungkwansiriroj has been instrumental in putting in place a world-class accounting infrastructure and has overseen funding for a number of landmark investments as part of TTA's diversification strategy. On behalf of the entire Board, I would like to take this opportunity to express my gratitude to both M.L. Chandchutha Chandratat and Ms. Thitima Rungkwansiriroj for all of their important contributions over the years, and wish them all the best in their future endeavours."

The succession plan we are announcing today has been designed to ensure an optimal transition, and I am very pleased that the Company will have continuity in terms of highly capable and experienced leadership. As Executive Vice Chairman, Mr. Chalermchai Mahagitsiri has already been overseeing key functions at TTA, and has been closely involved in key strategic decisions of the Company since his appointment to the Executive Committee in February 2012. Mr. Krailuck Asawachatroj, who joined TTA in July 2013, has deep investment banking experience, which will be required as TTA embarks on its next phase of growth and expansion. I have full confidence that under their leadership, TTA will continue to make important advances across its portfolio of businesses, and that its best days are still ahead. "

Mr. Chalermchai Mahagitsiri was appointed Director of TTA in January 2012 and Executive Vice Chairman in February 2013. He also serves as Interim Chief Executive Officer & Executive Vice Chairman of Mermaid Maritime Public Company Limited ("Mermaid") and Chief Executive Officer of PM Group Co., Ltd., which is a holding company that oversees Mr. Prayudh Mahagitsiri's family investments. Mr. Mahagitsiri holds a M.S. in Finance from Boston University and a B.S. in Finance from Suffolk University, both in the USA.

Mr. Krailuck Asawachatroj joined TTA as Executive Vice President, Corporate Strategy in July this year. His background is in investment banking, where he worked for 10 years across both Thai and international banks, assisting large corporate clients in the region to unlock their value via various types of transactions including M&A and fund raisings. Prior to joining TTA, he was the Group Chief Financial Officer of The Erawan Group PLC. Mr. Asawachatroj holds a MA in Financial Engineering from New York University (USA), a MBA in Finance from Claremont Graduate University (USA), and a B.Eng. in Industrial Engineering from Thammasat University (Thailand).