Teerawit reportedly had been in conflict with TOT boardmembers.

TOT Plc's president, Teerawit Charuwat, will receive Bt3.6 million in compensation for the premature termination of his service at the state telecommunications agency.

Teerawit will officially leave the state agency on May 12, after filling the post since January 1, 2005.

The TOT board members at a press conference yesterday attributed their decision to oust the president to the lower-than-expected financial results, the failure to list the agency on the Stock Exchange of Thailand, and TOT's failure to launch 3G technology.

Also, in 2005, TOT's revenue fell to Bt60.2 billion from Bt62.1 billion in the previous year.

"We acknowledge that telecom companies tend to post lower income, but it's the president's duty to introduce new innovative technology and seek new sources of income," said Somchai Thean-a-nant, a director. "We will pay him Bt3.6 million in compensation."

The severance pay is 8 times Teerawit's monthly salary of Bt450,000.

Somchai said that this year, TOT's revenue would be above the Bt64-billion target.

Without Teerawit, the board will make sure that the agency performs better.

It is rumoured that the board

has already asked Chamras Tantrisukorn, senior executive vice president of TOT, to step in and serve as acting president after Teerawit departs.

The board decided to sack Teerawit in the middle of this month but yesterday was the first time the board had publicly justified the decision.

Teerawit had reportedly been in conflict with members of TOT's board for several months after he took the helm at TOT.

Gritsanaruck Theeraraj, a director, said that the selection process would start as soon as possible.

"We hope that TOT can appoint a new president within three months," he said. 

Usanee Mongkolporn

The Nation