SET shake-up 'won't affect development'

The exit of two senior executives from the Stock Exchange of Thailand next year will force a major management reshuffle.

However, the shake-up will not affect the market's development plan geared towards supporting the initial stage of Asean Linkage, the regional trading platform.

Chief operations officer Nongram Wongwanich will retire this year while chief strategy officer Veerathai Santiprabhob will resign to pursue personal interests in non-profit activities and Buddhism.

The resignation of Mr Veerathai surprised the market, as he has been the key player behind the SET's swift development in recent years.

His department also comes at a crucial time since Asean Linkage began only in mid-2012.

The SET plans to appoint Pakorn Peetathawatchai, currently chief marketing officer, to replace Mr Veerathai. Kesara Manchusree, currently in charge of products and business development, is expected to succeed Mr Pakorn, said a senior SET executive.

Chanisa Chutipat will also likely be named chief operations officer.

A senior executive who declined to be named said that the changes will by no means affect market operations, which have been in line with the development plan.

The SET has two main functions. The exchange function is its main income source, while the non-profit capital market development function focuses on educating investors.

"The strategy will be unchanged. Senior executives everywhere come and go. The point is we should have a concrete plan to support the exchanging of their skills and expertise. By doing so, we'll develop a multi-skill team of senior executives who can be rotated as needed," added a source.

About the author

Writer: Darana Chudasri
Position: Business Reporter