|
|
| |
Key points made during interview with Chulchit Bunyaketu
Group Deputy Chairman of King Power - King of Duty Free, former CEO Thai Oil
|
Institutional Renewal
| - |
Surakiart understands that strong
leadership and vision and the ability to work with
key partners are the prerequisites to reinvigorating
and upholding the reputation of an institution.
As Dean of Chulalongkorn University’s Faculty of
Law, Surakiart worked closely with me to develop
stronger relations with alumni. As President of
the Law Faculty’s alumni association, I found his
support for joint initiatives between alumni and
faculty indispensable to the Faculty of Law’s ability
to attract the best law students in Thailand. He
also actively worked with me to garner the resources
to build a new library, another achievement that
was made possible thanks in large part to greater
cooperation between faculty and alumni. |
Management and Leadership
| - |
Surakiart’s charisma enables him to mobilize people
and to mobilize resources to accomplish tasks –
his strength lies not in actually running the day-to-day
aspects of the show, but in bringing the right people
together, being persuasive, and helping to manage
steps toward a broader goal. The restructuring of
Thai Oil was one of the most challenging accomplishments
that I have had in my career, and Surakiart was
instrumental in leading the way through negotiations
to see the restructuring to completion. Unfazed
by the fact he was leading a planning committee
that would have to deal with over 150 creditors
and over US$2 billion in debt, he oversaw the process
through to completion in a record timeframe of 16
months. He was able to achieve this because he understood
that he had to engage the staff and management to
discuss and explain cost-cutting; to have the labor
union involved in key decisions; to put himself
in the shoes of creditors to better manage and temper
their expectations. |
Negotiation Skills
| - |
Surakiart understands the importance of fair and
transparent negotiations and knows how to make all
parties feel like they are involved and that they
have ownership of the process – most importantly,
he knows how to build the requisite momentum to
get all parties on board, even if all their specific
interests cannot be satisfied. Having to lay off
staff is understandably a very difficult decision
for any manager. But the way to deal with the situation
was to tackle it head on, to involve the labor union,
and to help them better understand the business
and the context that required the layoffs. This
set a much more fruitful basis upon which to negotiate
severance packages for employees. |
| - |
Surakiart knows how to apply the right strategies
and involve the right people in the right context
to move negotiations forward – his creative ability
to draw on a wide range of actors and resources
helps maintain the fluidity and momentum of the
most difficult discussions. In the context of the
Thai Oil restructuring, there were times when the
tactic of involving everyone and striving to reach
consensus was not effectively moving the process
forward because of some of the participants in the
negotiations. With the number of creditors involved,
indeed it would have been surprising if some were
not reluctant to negotiate – as there were as many
priorities as Lenders, some of which were owed much
more than others, some more prepared to compromise
than others. Yet all the key players needed to be
on board for the restructuring to go through. During
times when negotiations stalled, Surakiart was able
to bring other influential actors in – prominent
businessmen, politicians, diplomats, to help persuade
those who would otherwise have compromised the overall
process. |
Building Trust
| - |
Surakiart’s strongest asset is his ability to
build trust among parties that have wholly divergent
interests and priorities – and this is something
that is extremely difficult to do. Surakiart’s approach
to building trust is bespoke. But one common theme
underlying his approach is planning and strategizing.
He is well aware of the importance to be well-prepared,
to garner trust among the right parties first, and
to think hard about who to bring in next. In the
context of complex multiparty negotiations, this
is essential. And without his behind the scenes
planning in the context of the Thai Oil restructuring,
the transaction would have probably failed. |
Personal/UN Candidacy
| - |
Surakiart is among the most well-rounded people
I have ever worked with – his background in economics,
in law, in politics, and his hands-on experience
working in each of these areas allows him to have
a wide repertoire of tools and methods that he can
apply to challenging situations. His manner, his
strong and charismatic personality, his soft approach
in negotiations, all are traits that are formidable
assets when dealing with difficult situations –
because they enable him to foster compromise and
to defuse hostile and aggressive behavior. |
Contact:
Chulchit Bunyaketu
Group Deputy Chairman
King Power – King of Duty Free
27th floor Siam Tower, 989 Rama I Rd
Patumwan, Bangkok 10330
Thailand
Tel: +66 (0) 2658-0020-49
Direct: +66 (0) 2658-0918
Fax: +66 (0) 2658-0093
E-mail: chulchit@kingpower.com
|
|
|
|
