PTT picks longtime official Chansin Treenuchagron to take over as chief executive starting Aug 31
Longtime executive Chansin Treenuchagron to take helm in August
PTT Plc, the national oil and gas con- glomerate, has promoted Chansin Treenuchagron to be the new chief executive from Aug 31 onward.
PTT’s board announced the appointment yesterday.
Mr Chansin beat out three other PTT executives: two chief operating officers, Wirat Uanarumit and Auttapol Rerkpiboon, and senior executive vice-president Wittawat Svasti-xuto.
He will succeed Tevin Vongvanich, who will retire on Aug 30. His term will last only 20 months, as he will turn 60 in May 2020.
Mr Chansin is PTT’s chief technology and engineering officer, overseeing disruptive technology, towards which PTT has allotted 3% of its total net profit in the past three years to expand R&D.
Piyasvasti Amranand, chairman of the board of PTT, said the board’s selection of Mr Chansin was a consensus decision, as he is the proper candidate to be PTT’s ninth chief executive.
“He has extensive experience in several positions and he is very keen on new technology, which is in line with PTT’s policy emphasis on disruptive technology,” Mr Piyasvasti said.
He said the board believes Mr Chansin can steer PTT in the right direction.
Mr Piyasvasti said Mr Chansin pitched a policy titled “Change Future for Thailand 4.0” that sees PTT’s potential for transparency in sustainable development and growth.
After the official announcement, Mr Chansin told the media during a site visit to Rayong that he has many supporters, but his nomination came mostly because he has been with PTT and its subsidiaries for 35 years.
Moreover, he has been a board member for 16 firms, as well as the chairman of five companies.
PTT has set a capital spending budget for 2018-22 of 340 billion baht, mostly to fund investment in S-curve industries and support existing businesses that are still growing.
PTT is one of the largest investors in the government’s flagship Eastern Economic Corridor scheme.
PTT’s five-year investment will go to basic infrastructure, utilities, upgrading oil refineries, oil depots, several new production facilities in petrochemicals and biochemicals, as well as expansions for LNG receiving facilities and gas pipelines.
Moreover, PTT assigned an additional budget of 2 billion baht last year for automation and robotics systems for the whole business group’s production processes.
In 2015, Mr Chansin was linked to scandalous allegations involving oil palm plantation licences in Indonesia, while expanding into eco-friendly energy sources.
The company was accused by a non-government organisation of buying oil palm licences.
Subsidiary PTT Green Energy is being investigated by the National Anti-Corruption Commission with regard to the case.
Due to the allegations, PTT sold its oil palm business in Indonesia for an undisclosed sum, as PTT aimed to divest itself of non-core operations.
Kalimantan Thailand Palm, a subsidiary of PTT Green Energy, sold its 95% holding of Mitra Aneka Rezeki to Prasada Jaya Mulia.