SET chief Pichai quits, could be named finance minister in Cabinet reshuffle

The SET website on Thursday removed Pichai’s name from the organisation chart, which now comprises 10 directors. A new chairperson to replace Pichai has not been announced.

Pichai became the SET’s 18th chairman on February 6 this year, succeeding Prasarn Trairatvorakul who had completed his three-year term as the SET board chairman.

In March, rumours started doing the rounds that Prime Minister Srettha Thavisin was planning to entrust Pichai with the finance portfolio, which the PM currently holds.

On March 12, Pichai sold all the 1,169,642 shares he held in BCPG Plc at a price of 7.30 baht per share. The sale, which amounted to 8.54 billion baht, was made via Finansia Syrus Securities. Pichai’s offloading of the BCPG stake gave traction to the rumours of him taking over as finance minister in the next Cabinet reshuffle.

It has been widely speculated that Srettha may entrust the finance portfolio to someone who enjoys his confidence, which would also reduce his confrontations with the Bank of Thailand regarding the lowering of the key interest rate.

Political analysts have been speculating that a Cabinet reshuffle could take place by the end of this week or on April 26.

Pichai holds a bachelor’s degree in business administration from Thammasat University and a master’s in the same subject from Indiana University of Pennsylvania.

He has been chairman of the Bangchak board of directors since 2012 and was also a member of the Bank of Thailand’s board of directors from 2014 to 2017. He served as a director of PTT Exploration and Production Plc from 2001 to 2013 and played a key role in the privatisation of the national oil and gas conglomerate, PTT Plc, in 2001 as its vice president during the Thaksin Shinawatra government.

Pichai is known to be close to the Shinawatra family and was among seven witnesses proposed by former prime minister Yingluck Shinawatra to the National Anti-Corruption Commission to provide a statement during the corruption trial involving her government’s rice subsidy scheme.

Pichai was named Srettha’s economic adviser in September last year.