Thailand Elite shake-up
The loss-ridden operator of Thailand Elite Card has reshuffled its executive management in the hopes of surviving and increasing the value of the organisation.
Pensuda Phrai-aram, a director and chairman of Thailand Privilege Card Co's board, and Methawee Tanwattanapong, acting president, resigned due to personal reasons.
Thailand Privilege Card Co appointed Jantima Sirisaengtaksin, formerly deputy permanent secretary to the Finance Ministry, to replace Ms Methawee, and Pol.Col Vorapol Intase to replace Ms Pensuda.
The company seems to have an unclear business direction because the Council of State did not send an official interpretation on whether the new holders of Thailand Elite Card could have visa privileges as a term of reference in their contracts.
It is widely speculated the new cardholders will not receive the visa privilege. The government hopes to sell Thailand Privilege Card Co with a starting price of 500 million baht at auction. The winning bidder has to absorb the firm's costs and keep the staff at least one year. However, the auction price is expected to be less than 500 million baht if the visa privilege is rendered void.
"We are waiting for the interpretation from the Council of State. We can't do anything until they announce their decision. We have to follow the policy of the Tourism Authority of Thailand. I will meet TAT governor Surapol Sawetseranee within the next week to receive the policy," said Ms Jantima.
A staff member at Thailand Privilege Card said the new executives assigned the employees to complete a member survey for marketing purposes. Thailand Privilege is also studying new business models to add more revenue channels from its existing services.
Before the auction, the company has to convert its last batch of dollars on hand of US$4.2 million to Thai baht to use for the operation's cash flow.
Credit: Bangkok Post (www.bangkokpost.com)
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