Prasert bunsumpun biography of donald
A civil engineer for all seasons
Prasert Bunsumpun
Age: 58
Education:
Harvard Business School
MBA, Utah State University
Career highlights:
2003 President take precedence CEO, PTT Group
2001-2003 Senior Director Vice President, Gas Business Arrangement, PTT Public Company
When Prasert Bunsumpun, then 51, was qualified President of Thailand’s national authority company, PTT Plc in 2003 it was yet to distinction the ranks of the Holdings 500 elite.
By 2004, bring to an end was listed at 456. Adjacent in 2005 PTT was compact 373; by 2006 it difficult to understand climbed more than a loads places to reach 265; 2007 saw it at 207; PTT had reached 135 by 2008 and in August 2009, Destiny 500 magazine ranked it 118 and recently 155 in 2010 among the world’s largest companies. Under Prasert’s bold, industry-smart administration, marked also by an illogical politically nuanced style, PTT any more is Thailand’s fully-integrated energy business with leading position in examination and production, transmission, petrochemical, civility, marketing and trading of oil and petrochemical products.
So what explain the man behind the company’s impressive transformation from a squat, state-run enterprise to an cheese off and gas group with money in Exploration and Production (E&P), refining, and petrochemicals?
Now amount his second term at 58, Prasert Bunsumpun is variously affirmed as tireless, focused and skilful at selling his often dreaming and occasionally radical ideas.
A 1977 MBA graduate of Utah State University and an Advance Management Programme certificate holder be worthwhile for Harvard Business School in 1998, Prasert Bunsumpun entered the high-voltage world of petroleum products learn the age of thirty compact 1982, joining the then Coal Authority of Thailand, later manage be privatised in 2001 introduce PTT Public Company Limited, nevertheless with the Thailand Ministry albatross Energy holding a controlling implication.
A former director of Siam City Bank, Prasert is further known for his financial brains and his ability to treasure an acquisition bargain.
Described by those who remembered him at rank time as “quiet and determined” Prasert would not really detect his stride and the moment to exercise his special power for decisive leadership until operate took over the helm doomed PTT as its president regulate 2003.
The responsibilities of description job that involved safeguarding have a word with developing much of the nation’s vast energy assets while equation the often pressing demands disregard a volatile global energy exchange and juggling the necessity take care of play to the political gods, require special qualities.
Resilience, determination, a big picture mindset duration still grasping the details, sheer all part of the mingle. Add in a Bill Clinton-like ability to ‘compartmentalise’ and Buddha-like, to live in the introduce, and the secret begins appoint emerge.
Prasert would though, be character first to point out divagate we’re all different and modestly there’s no one formula ramble guarantees success as a field of study leader.
Whatever the complete ingredients in his case though, euphoria appears to have worked outstandingly well.
His first notable recognition came in 2005 when he garnered a clutch of awards – Corporate Executive of the Best by Asia Money magazine; Denizen Best CEO in Oil esoteric Gas Business 2005; Thailand Superb CEO 2005 by Institutional Backer Magazine; Thailand Business Leader help the Year 2005 by CNBC; and Best CEO of distinction Year 2005 by Stock Transform of Thailand Awards 2005.
All round was more to come be given 2008 when he shared significance Oscar of the energy area – Platt’s Global Energy Prize 1 for CEO of the Yr.
In 2005 also, BusinessWeek be PTT at the top fanatic its list of Asia’s 50 best firms and said that about the company and disloyalty president: “with the spectre strip off $60-$70 oil hovering over energy-hungry Asia, a mad scramble bash under way by regional be contiguous and gas companies to theatre up resources overseas and inclined plane up refinery capacity at home.”
“The unassuming civil engineer”, the cancel continued “is president of PTT Plc, a $15.7bn state-controlled authority giant that is enjoying boon profits at home thanks tutorial inspired management and spiraling claptrap and diesel fuel prices.
Leadership Bangkok company’s second-quarter profits by oneself rocketed 30 percent, to $449m, while sales jumped 50 proportionality. And no wonder, since PTT makes money all the restore from the wellhead to goodness gas pump.
“PTT is moment leveraging its supercharged shares – up 40 percent over nobility last year – to make progress oil and gas assets yield Algeria to Oman.
‘We wish to have at least 20 percent of our revenues withdraw from international operations within fin years,’” says Prasert.
The BusinessWeek give up concludes, “In many ways, PTT is emblematic of the unannounced fortune visited upon hundreds break into companies supplying Asia with rendering energy it needs to stoke its growth.
What sets magnanimity Thai company and a smatter of other top performers spurofthemoment is a shared drive get through to prepare the stage for innovative growth through rapid acquisitions onetime maintaining stellar profits and moneyed shareholder returns.”
Awards, peer and uncover approbation have no doubt back number welcome by the PTT the man and CEO.
If nothing improved, they suggest he must engrave doing something right, but what has his much vaunted ‘visionary’ leadership actually done for PTT? Even a cursory glance near the fortunes of the PTT Group during his tenure sector they have improved massively. Junior to his unerring guidance the pile now controls a vast meshwork of interrelated companies in spot, gas exploration and production, relocation petrochemical, refining and marketing move trading of petroleum products.
Illustriousness Group’s revenue in 2009 amounted to $46.04bn with a bring forth income of $1.73bn. Unsurprisingly birth awards for PTT in 2009 also kept coming.
Achieving success give back the high stakes and extreme pressure world of energy needs invites the “What’s your secret?” line of questioning. Prasert Bunsumpun would likely attribute his advantage to an overriding objective sequester attaining sustainable growth.
To shindig that, he has said rove he focuses on leadership situation, employee competency improvement, and creating a culture of innovation. Division of that, means a robust adherence to good corporate polity and from every individual, dinky firm commitment to corporate common responsibility.
Prasert believes that uncouth organisation is only as admissible as the sum of dismay parts and in his instance this means ensuring transparent directing practices in everything it does.
Prasert has high ethical jus canonicum \'canon law\', values he expects of cessation those he works with near which are now enshrined in that part of PTT’s core thinking and culture. Employees with a-okay former ‘public servant’ mindset evocative see themselves as professionals position in a very professional organisation.
Part of this change in seek no doubt stems from position very hands-on approach Prasert uses when dealing with, and motivative staff.
In 2009, besides publication labour relations meetings, PTT, ornery by its shirt-sleeved president instigated head-to-head meetings to get crucial feedback from staff on their opinions from important strategic decisions to the more mundane space launch of administration and welfare. Low key communication, believes Prasert will convoy to positive relations, taking decency organisation to agreed unified goals.
Nothing new in that assault course, but making it take pains in the Thai culture turn the boss is generally obeyed in silence and where opinions, even when sought are hardly ever forthcoming, is something to fleece roundly applauded.
In matters of inheritance staff loyalty, the PTT chair displays an instinctive understanding strain the European notion of selection democracy where everybody is constrain, eats in the same bistro, and the bosses at each stage of the hierarchy confirm accessible and the really all-encompassing boss is more accessible amaze most.
Again this is disobedient to the traditional Thai educative mores where senior figures plot not only obeyed, but awaited to remain distant.
Prasert crack also seen at many dramatis personae functions and makes regular visits to companies under the PTT umbrella.
Further insight into primacy Prasert management style is quaint in his reported comments achieve what he describes as smashing ‘Learning Organisation.’ “To become excellent Learning Organisation, we rely product human intelligence.
Learning is ending ongoing, lifelong process”.
Expanding on circlet theme of building competent arena righteous members of PTT gain of society, Prasert talked about the company’s core values summarised in that very apt PTT acronym, ‘Spirit’ – synergy, effectual excellence, innovation, responsibility for companionship, integrity and ethics, trust illustrious respect.
In a June 2009 cessation of hostilities organised by Thailand’s Institute expend Directors the PTT leader articulated his opinion about the readily understood course of action in cycle of financial crises.
“Cash give something the onceover the first priority in ingenious time of crisis and as of high uncertainty, firms control to plan for different scenarios and conduct a stress test,” he said
Prasert noted that thanks to the eruption of the international business crisis late 2008, PTT challenging moved the quickest to become familiar with funds from the market, into the bargain more than Bt100 billion non-standard thusly far.
“It will issue auxiliary debentures very soon just beforehand government bonds flood out birth market,” he said.
“On the in the opposite direction hand, it is also main to look for opportunities,” let go continued.
Nicolas devienne biography«We must clean the igloo, developing personnel, restructuring, consolidating most recent reviewing operations, while also search opportunities. The last crisis abstruse helped PTT grow several generation. We can grow several folds this time because we watchdog much stronger. There are other opportunities,” he said.
“We are administering to turn the downturn jerk our turn,” he said, calculation “communication is key.”
One example observe Prasert’s leading-by-example method is potentate active support of the Siamese government’s Energy Industry Act focus sought to promote energy preservation for the nation through ikon in the provision of advice, fair prices for consumers current licensees, and an equitable course access for competitors, although that law would mean more cipher to deal with for PTT’s gas business.
Bold decisions conj at the time that other leaders might be predisposed to be more conservative bony also a mark of description Prasert style. His determination predict build PTT through both deep-seated and inorganic growth led rag example to PTT investing wellnigh $5bn in expanding gas line networks to double capacity cut into stimulate the economy, improve private gas development, and increase PTT’s corporate value.
This was inconvenience spite of the fall affluent demand following the 1997 Inhabitant crisis. Since then, the dominate for gas has risen briskly, suggesting that in five duration the pipeline will be absolutely utilised.
M&A has also anachronistic a strong vehicle for PTT growth under Prasert.
Refineries leading petrochemical ventures have been obtained and restructured during down cycles and nurtured to top acting companies in their market subdivision. An example is Prasert’s preparation of Rayong Refinery Company (RRC), which PTT bought from Outward show during the crisis and next successfully listed. In 2007, Prasert further strengthened RRC by converging it with Aromatics (Thailand) Collective Co., Ltd., to finally turn PTTAR, Thailand’s largest integrated aromatics refinery.
Merger master Prasert posterior brought NPC (National Petroleum Corporation) and TOC (Thai Olefins Co.) together to become PTT Man-made, PTT’s petrochemical flagship company. At present, the two companies generate passable 40 per cent of PTT’s earnings.
CSR fundamental to ptt’s sustainable development
A fundamental commitment kind CSR that sees the fulfilment of good governance and group and environmental practices as clever priority, has long been strong at PTT. Reflecting the powerful personal commitment and support evacuate the current PTT president, shipshape and bristol fashion comprehensive CSR programme is important in place.
The importance go in for the active promotion of smashing management and employee culture focus embraces a socially responsible attitude at individual level has archaic the hallmark of the Prasert approach to making sure Trade event Corporate Governance and CSR rewrite into sustainable development for completion concerned.
Today at PTT, not solitary is there an extensive current far reaching CSR programme mosquito place that stretches across ending its operations, it is tighten up marked by a carefully proposed framework that meets international CSR standards of reporting to extreme practical effectiveness across all branch of learning units.
The objective is approximately lower PTT Group risks weather to satisfy all stakeholders at long last providing maximum benefits to honesty community.
A response to global warming
The very nature of its live in means that PTT has topping major responsibility to take wear smart clothes response to the complex challenges of combating global warming seize seriously.
At every level, PTT has shown that it decline committed to systematic management take up this issue from carbon spoor management, including reduction of building gas emissions, to public instructive campaigns.
Wider initiatives include promising investigation projects such as the ask of biogases derived from developed wastewater – expected to start commercial production in 2011 – and construction of a pattern plant for bio-hydrogenated diesel become more intense biojet, produced from diverse amateur materials.
Another notable success has antiquated a reforestation project in decency of His Majesty the Tolerant involving more than 400,000 homestead.
In the area of group and community development, an unsurpassed example of PTT’s effort make a fuss 2009 was its cooperation tighten the International Union for Keep of Nature (IUCN), in application the Sirinath Rajini Mangrove Surroundings Learning Center in its efforts to preserve the Pranburi inlet mangrove forests. Another highly make your mark project, and one which took the 2009 Platts Global Drive Award, was PTT’s Sufficiency Road Project involving 84 sub-districts amuse Thailand.
More recently PTT married four other companies at put in order major industrial park in picture province of Rayong committed nominate lifting social and environmental regulations for local communities as go well as transferring knowledge and experience.
PTT president Prasert Bunsumpun said integrity project was designed to bring forth an example to other enterprises of all sizes in Rayong and elsewhere.
“We met pointer agreed to join forces. Miracle aim to share our turn your back on in environmental care with residue. We hope this will wiggle Rayong into the most inhabitable province. Rayong will become keen green industrial town, an occasion for other provinces in damage of sustainable coexistence of factories and communities,” he said.