Career SET executive gets nod to replace Kittiratt
Kittiratt, right, introduces the public to his successor, Patareeya, left, who will become SET president from June 1 onwards.
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Patareeya Benchapolchai, 52, has been appointed president of the Stock Exchange of Thailand. She is the first career bourse worker to assume the SET's top post, having worked for there for 30 years since its launch.
As the exchange's 10th president, Patareeya will be the SET's second female chief after Sirilak Ratanakorn, who filled the post from 1982 to 1985. Starting June 1, she will serve as president for four years. "I am delighted to be assigned to this position," she said yesterday. "I am confident that I can proceed well with ongoing policies laid out by Khun Kittiratt [Na Ranong] and, once I assume the position, I will announce other policies." Her appointment was announced yesterday after a meeting of the SET board, during which the directors unanimously approved the resignation by Kittiratt Na Ranong, who has served as president of the exchange for four and a half years. Patareeya has a bachelor's degree in accounting from Chulalongkorn University, a master's degree in business management from Thammasat University, and underwent an executive programme from the University of Michigan. She joined the SET in 1975, the year that the bourse came into existence, and has been assigned to several areas, including listing, research, and research and development. Prior to yesterday's promotion, she was an executive vice president. Patareeya's appointment came out of the blue, despite the fact that Kittiratt on numerous occasions had promised to resign soon after the alcoholic drinks manufacturer, Thai Beverage Plc, began trading on the Singapore Stock Exchange. Several outsiders had been mentioned as a possible successor, among them Suthep Peepakanont, chairman of Capital Nomura Securities Plc, and Kongkiat Opaswongkarn, chief executive of Asia Plus Securities Plc. Insiders had not been considered likely candidates because the exchange has never in its 30-year history been run by someone promoted from its ranks. Apparently in a good mood, Kittiratt said. "I have confidence in her because she has been around the SET for all this time." Kittiratt earlier said it he had failed in his mission to convince the authorities to grant Thai Beverage access to the Thai bourse. To this day, the Securities and Exchange Commission has not made a decision on whether to grant Thai Beverage access to the Stock Exchange of Thailand. Kittiratt will become a manager of the Rajapracha Football Club after he leaves his job at the SET on May 31. Vijit Supinit, the SET chairman, said it was necessary to appoint a new president immediately as a delay could have posed risks to the continuity of capital market policies.
Siriporn Chanjindamanee The Nation
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