New first-time CEOs set to lead major SET-listed companies this year
With just over three months into 2024, several prominent companies in Thailand have witnessed significant shifts in their top leadership, marked by the appointment of new chief executive officers.
Notably, a majority of these executives are stepping into the role of CEO for the first time, showcasing a wave of fresh leadership. However, their collective wealth of experience positions them well to guide their respective organisations towards their strategic objectives.
During this brief period, a total of seven first-time CEOs have been identified. Let's explore the profiles of these leaders and their companies:
● Kongkrapan Intarajang – PTT Public Company Limited)
The market capitalisation of 978.282 billion baht. The net profit of PTT and its subsidiaries was 112.024 billion baht, a 22% increase compared to 91.175 billion baht in 2022.
The PTT board of directors has approved the appointment of Kongkrapan as the CEO of PTT, effective from May 13. He will succeed Auttapol Rerkpiboon, who will complete his four-year term in May.
Kongkrapan has over 25 years of experience in managing companies within the petrochemical industry and integrated petroleum refining. He also has expertise in organisational strategy, business development, finance and investor relations, research and development, significant investment project development, international business integration, and trade management.
His diverse international management experience includes serving as the executive of Emery Oleochemicals Group and holding positions in various subsidiaries abroad, such as Emery Oleochemicals Group in Malaysia, Vencorex Holding in France, and NatureWorks LLC in the United States.
Kongkrapan has played a key role in international relations, serving as the co-chairperson of the France-Thailand Business Forum. In this capacity, he leads and promotes economic collaboration, bilateral investment, and trade relations between Thailand and France.
● Thammasak Sethaudom – Siam Cement Group (SCG)
Market cap of 319.200 billion baht. Net profit in 2023 rose 21% year on year to 25.915 billion baht.
The SCG board has appointed Thammasak as the new CEO to succeed Roongrote Rangsiyopash, who is approaching retirement. Additionally, Thammasak has been appointed as the CEO of Cementhai Holding Company Limited, effective from January 1, 2024.
Thammasak has a wealth of experience within the company, with roles such as e-commerce and business manager for the chemicals business, business development and corporate planning director for the chemicals business, general director for Long Son Petrochemicals Co Ltd. In recent years, he held positions such as deputy chief financial officer and investment at SCG and a board member of SCG Packaging Pcl.
● Pittaya Vorapanyasakul – Krungthai Card Public Company Limited (KTC)
The company’s market cap reached 111.512 billion baht. Net profit rose 3.05% year on year to 7.295 billion baht in 2023, up from 7.079 billion baht in the previous year. As of the end of 2023, KTC's total portfolio value amounted to 112.346 billion baht, expanding by 7.8%. This growth is attributed to the overall recovery of the Thai economy, supported by factors such as private-sector consumption.
KTC announced the appointment of Pittaya as CEO effective from January 1, to replace Rathian Srimongkol who retired on December 31, 2023.
Pittaya is the first female CEO of KTC and brings nearly 30 years of experience in credit card marketing.
She joined KTC in 1997 and held positions such as deputy CEO in charge of the credit card business before expanding her responsibilities to the consumer credit business. She also served as chief marketing and communication officer.
● Sinon Vongkusolkit – Banpu Pcl
With a market capitalisation of 53.100 billion baht, the company’s net profit for 2023 slumped 87% to 5.434 billion baht, compared to the previous year’s 40.518 billion baht. This was attributed to the fall in the prices of natural gas and coal.
The Banpu board of directors appointed Sinon, son of Chanin Vongkusolkit, chairman of the board and founder of Banpu, as CEO with effect from April 2.
The appointment of executives at Banpu follows good corporate governance practices. Additionally, it emphasises its readiness and confidence in leadership transformation.
The committee has also set guidelines and plans for the development of successors to important positions to drive the organisation during business transformation.
● Uthai Uthaisangsuk – Sansiri Pcl
With a market cap of 30.208 billion baht, Sansiri chalked up a net profit of up to 6.060 billion baht in 2023, the highest in its 40-year history. Net profit increased 42% over the 4.280 billion baht in 2022. Sansiri is now recognised as the company with the highest net profit growth in the real estate industry.
Sansiri's board of directors approved the appointment of Uthai as the CEO, a position he assumed on February 15. Previously he held the position of chief operating officer.
Uthai is a key figure in the Thai real estate industry, known for his sharp market insights and forecasts. With over 30 years of expertise in real estate development and investment, he has been instrumental in the development of numerous projects under Sansiri's portfolio.
● Theeradej Kerdsamang – Britania Pcl
The market capitalisation of Britania is 5.928 billion baht. In 2023, the company achieved revenue of 5.748 billion baht and net profit of 1.195 billion baht.
During the first board meeting of 2024 held on January 24, a resolution was passed to appoint Theeradej as the chairman and CEO, replacing Surin Sahachatpocanun.
Theeradej has over 30 years of experience in the real estate development sector and has held high-level management positions in a housing development company listed on the stock exchange. He assumed the role of Co-CEO at Britannia for one year before being appointed as the current CEO.
● Apichart Kasemkulsiri – LPN Development Pcl
LPN has a market capitalisation of 5.089 billion baht. In 2023, the company reported total revenue of 7.442 billion baht from sales and services, down around 28% year on year and reflected in a 42% decrease in net profit to 352.66 billion baht.
LPN appointed Apichart as the new CEO, replacing Opas Sripayak, who retired. The appointment became effective on February 1.
Apichart has been with LPN since 2018, holding various key positions within the company, including board member, executive board member, risk management executive board member, and head of the finance department. These roles have played a crucial part in driving the organisation's growth.
Apichart is considered an experienced and highly capable individual, having previously served as an executive and deputy managing director in various financial and real estate companies, including ICBC (Thai) Bank, ICBC Leasing (Thai) Co Ltd, Asia Credit Limited, and Samart I-Mobile Pcl.
