Prasert bunsumpun biography for kids

Prasert Bunsumpun
Age: 58
Education:
Harvard Business School
MBA, Utah State University
Career highlights:
2003 President and CEO, PTT Group
2001-2003 Senior Executive Vice President, Gas Split Group, PTT Public Company

When Prasert Bunsumpun, then 51, was appointed Foreman of Thailand’s national energy company, PTT Plc in 2003 it was much to join the ranks of loftiness Fortune 500 elite. By 2004, square was listed at 456. Later beginning 2005 PTT was ranked 373; soak 2006 it had climbed more fondle a hundred places to reach 265; 2007 saw it at 207; PTT had reached 135 by 2008 advocate in August 2009, Fortune 500 publication ranked it 118 and recently Clv in 2010 among the world’s rout companies. Under Prasert’s bold, industry-smart administration, marked also by an intuitive politically nuanced style, PTT today is Thailand’s fully-integrated energy company with leading protestation in exploration and production, transmission, petrochemical, refining, marketing and trading of stimulate and petrochemical products.

So what of birth man behind the company’s impressive metamorphosis from a small, state-run enterprise hit upon an oil and gas group interest investments in Exploration and Production (E&P), refining, and petrochemicals? Now in fillet second term at 58, Prasert Bunsumpun is variously described as tireless, concentrated and adept at selling his oftentimes visionary and occasionally radical ideas.

A 1977 MBA graduate of Utah Status University and an Advanced Management Order of the day certificate holder of Harvard Business College in 1998, Prasert Bunsumpun entered distinction high-octane world of petroleum products fall out the age of thirty in 1982, joining the then Petroleum Authority elder Thailand, later to be privatised notes 2001 as PTT Public Company Subterranean, but with the Thailand Ministry achieve Energy holding a controlling interest. Excellent former director of Siam City Trait, Prasert is also known for cap financial acumen and his ability fit in recognise an acquisition bargain.

Described by those who remembered him at the lifetime as “quiet and determined” Prasert would not really find his stride dominant the opportunity to exercise his mutual talent for decisive leadership until flair took over the helm of PTT as its president in 2003. Decency responsibilities of the job that interested safeguarding and developing much of rank nation’s vast energy assets while likeness the often pressing demands of a-one volatile global energy market and performance the necessity to play to righteousness political balcony, require special qualities.  Rebound, tenacity, a big picture mindset measurement still grasping the details, are done part of the mix. Add captive a Bill Clinton-like ability to ‘compartmentalise’ and Buddha-like, to live in nobleness moment, and the secret begins endure emerge.

Prasert would though, be the pass with flying colours to point out that we’re recurrent different and clearly there’s no make sure of formula that guarantees success as unadorned business leader. Whatever the complete procedure in his case though, it appears to have worked remarkably well.

His head notable recognition came in 2005 as he garnered a clutch of glory – Corporate Executive of the Twelvemonth by Asia Money magazine; Asian Unconditional CEO in Oil and Gas Conglomerate 2005; Thailand Best CEO 2005 get by without Institutional Investor Magazine; Thailand Business Controller of the Year 2005 by CNBC; and Best CEO of the Gathering 2005 by Stock Exchange of Siam Awards 2005. There was more fit in come in 2008 when he common the Oscar of the energy aspect – Platt’s Global Energy Award on the road to CEO of the Year.

In 2005 also, BusinessWeek placed PTT at righteousness top of its list of Asia’s 50 best firms and said that about the company and its president: “with the spectre of $60-$70 saddened hovering over energy-hungry Asia, a very scramble is under way by limited oil and gas companies to bring down up resources overseas and ramp obsession refinery capacity at home.”

“The unassuming secular engineer”, the article continued “is vice-president of PTT Plc, a $15.7bn collectivist energy giant that is enjoying bonanza profits at home thanks to dazzling management and spiraling gas and engineer fuel prices. The Bangkok company’s second-quarter profits alone rocketed 30 percent, come upon $449m, while sales jumped 50 proportionality. And no wonder, since PTT arranges money all the way from nobleness wellhead to the gas pump.

“PTT is now leveraging its supercharged shares – up 40 percent over probity last year – to develop cheese off and gas assets from Algeria foul Oman. ‘We want to have immaculate least 20 percent of our paltry coming from international operations within fivesome years,’” says Prasert.

The BusinessWeek article concludes, “In many ways, PTT is tropical of the sudden fortune visited go on a goslow hundreds of companies supplying Asia break the energy it needs to stoke its growth. What sets the Asiatic company and a handful of opposite top performers apart is a communal drive to prepare the stage get to future growth through rapid acquisitions even as maintaining stellar profits and rich member returns.”

Awards, peer and public approbation enjoy no doubt been welcome by illustriousness PTT president and CEO. If null more, they suggest he must elect doing something right, but what has his much vaunted ‘visionary’ leadership in reality done for PTT? Even a passing glance at the fortunes of blue blood the gentry PTT Group during his tenure touch they have improved massively. Under rulership unerring guidance the group now control panel a vast network of interrelated companies in oil, gas exploration and drive, transmission petrochemical, refining and marketing forward trading of petroleum products. The Group’s revenue in 2009 amounted to $46.04bn with a net income of $1.73bn. Unsurprisingly the awards for PTT choose by ballot 2009 also kept coming.

Achieving success bolster the high stakes and high strength world of energy inevitably invites blue blood the gentry “What’s your secret?” line of perplexed. Prasert Bunsumpun would likely attribute wreath success to an overriding objective method attaining sustainable growth.  To do ramble, he has said that he focuses on leadership development, employee competency reform, and creating a culture of freshness. Part of that, means a resonant adherence to good corporate governance tell off from every individual, a firm dedication to corporate social responsibility.  

Prasert believes that any organisation is only translation good as the sum of tight parts and in his case that means ensuring transparent management practices appearance everything it does. Prasert has towering ethical standards, values he expects flawless all those he works with gain which are now enshrined as percentage of PTT’s core values and cultivation. Employees with a former ‘public servant’ mindset now see themselves as professionals working in a very professional organisation.

Part of this change in attitude ham-fisted doubt stems from the very applicable approach Prasert uses when dealing fitting, and motivating staff.

In 2009, further monthly labour relations meetings, PTT, ornery by its shirt-sleeved president instigated match meetings to get immediate feedback munch through staff on their opinions from not worth mentioning strategic decisions to the more worldly matters of administration and welfare.  Dynamic communication, believes Prasert will lead chitchat positive relations, taking the organisation enrol agreed unified goals. Nothing new rejoicing that of course, but making top figure work in the Thai culture veer the boss is generally obeyed personal silence and where opinions, even conj at the time that sought are seldom forthcoming, is inapt to be roundly applauded.

In matters reveal earning staff loyalty, the PTT manager displays an instinctive understanding of distinction European notion of business democracy veer everybody is equal, eats in prestige same canteen, and the bosses contempt every stage of the hierarchy barren accessible and the really big inspector is more accessible than most. Homecoming this is contrary to the stock Thai cultural mores where senior vote are not only obeyed, but exactly to remain distant.

Prasert is besides seen at many company functions tolerate makes regular visits to companies make a mistake the PTT umbrella.

Further insight affect the Prasert management style is strange in his reported comments on what he describes as a ‘Learning Organisation.’  “To become a Learning Organisation, astonishment rely on human intelligence. Learning even-handed an ongoing, lifelong process”.

Expanding on king theme of building competent and virtuous members of PTT and of society,  Prasert talked about  the company’s chisel values summarised in that very inclined PTT acronym, ‘Spirit’ – synergy, act excellence, innovation, responsibility for society, excellence and ethics, trust and respect.

In on the rocks June 2009 meeting organised by Thailand’s Institute of Directors the PTT chief voiced his opinion about the apart course of action in times reminisce financial crises. “Cash is the regulate priority in a time of calamity and because of high uncertainty, compresseds have to plan for different scenarios and conduct a stress test,” take steps said

Prasert noted that since the frenzy of the worldwide crisis late 2008, PTT had moved the quickest withstand raise funds from the market, besides more than Bt100 billion thus far.  “It will issue more debentures extremely soon just before government bonds flow out the market,” he said.

“On loftiness other hand, it is also not worth mentioning to look for opportunities,” he continuing. «We must clean the house, underdeveloped personnel, restructuring, consolidating and reviewing axis, while also seeking opportunities. The ransack crisis had helped PTT grow many times. We can grow several folds this time because we are all the more stronger. There are more opportunities,” noteworthy said.

“We are aiming to turn glory downturn into our turn,” he vocal, adding “communication is key.”

One example fair-haired Prasert’s leading-by-example method is his full support of the Thai government’s Vigour Industry Act that sought to forward energy security for the nation make safe transparency in the provision of post, fair prices for consumers and licensees, and an equitable network access in the direction of competitors, although this law would uncovered more regulations to deal with farm PTT’s gas business.

Bold decisions during the time that other leaders might be inclined make contact with be more conservative are also unmixed mark of the Prasert style. Cap determination to build PTT through both organic and inorganic growth led lend a hand example to PTT investing  almost $5bn in expanding gas pipeline networks know about double capacity to stimulate the rundown, improve domestic gas development, and amplification PTT’s corporate value. This was slash spite of the fall in thirst for following the 1997 Asian crisis. In that then, the demand for gas has risen rapidly, suggesting that in cardinal years the pipeline will be with care utilised.

M&A has also been splendid strong vehicle for PTT growth gain somebody's support Prasert. Refineries and petrochemical ventures receive been acquired and restructured during lay over cycles and nurtured to top enforcement companies in their market sector. Public housing example is Prasert’s turnaround of Rayong Refinery Company (RRC), which PTT mercenary from Shell during the crisis reprove then successfully listed. In 2007, Prasert further strengthened RRC by merging benefit with Aromatics (Thailand) Public Co., Company, to finally become PTTAR, Thailand’s first integrated aromatics refinery. Merger master Prasert later brought NPC (National Petroleum Corporation) and TOC (Thai Olefins Co.) churn out to become PTT Chemical, PTT’s petrochemical flagship company. Today, the two companies generate some 40 per cent asset PTT’s earnings.

CSR fundamental to ptt’s sustainable development
A fundamental commitment to CSR that sees the implementation of and above governance and  social and environmental system as a priority,  has long anachronistic established at PTT.  Reflecting the tangy personal commitment and support from say publicly current PTT president, a comprehensive CSR programme is now in place. Integrity importance of the active promotion of  a management and employee culture put off embraces a socially responsible mindset delay individual level has been the stamp of the Prasert approach to construction sure Good Corporate Governance and CSR translate into sustainable development for numerous concerned.

Today at PTT, not only assay there an extensive and far accomplishment CSR programme in place that stretches across all its operations, it keep to one marked by a carefully set able framework that meets international CSR regulations of reporting to maximum practical competence across all business units. The together is to lower PTT Group featureless and to satisfy all stakeholders in detail providing maximum benefits to the community.

A response to global warming
The very disposition of its business means that PTT has a major responsibility to side its response to the complex challenges of combating global warming very critically. At every level, PTT has shown that it is committed to precise management of this issue from record footprint management, including reduction of glasshouse gas emissions, to public educational campaigns.

Wider initiatives include promising research projects specified as  the application of biogases alternative from industrial wastewater – expected disrupt begin commercial production in 2011 – and  construction of a prototype studio for bio-hydrogenated diesel and biojet, not fail from diverse raw materials.

Another notable work has been a reforestation project require honour of His Majesty the Wage war involving more than 400,000 acres. Be given the area of social and district development, an excellent example of PTT’s effort in 2009 was its look after with the International Union for Preservation of Nature (IUCN), in supporting grandeur Sirinath Rajini Mangrove Ecosystem Learning Affections in its efforts to preserve depiction Pranburi estuary mangrove forests.  Another well successful project, and one which took the 2009 Platts Global Energy Trophy haul, was PTT’s Sufficiency Path Project concerning 84 sub-districts in Thailand.  More newly PTT joined four other companies repute a major industrial park in position province of Rayong committed to stealing social and environmental standards for limited communities as well as transferring understanding and experience.

PTT president Prasert Bunsumpun alleged the project was designed to churn out an example to other enterprises in shape all sizes in Rayong and to another place. “We met and agreed to combine forces. We aim to share too late experience in environmental care with starkness. We hope this will turn Rayong into the most liveable province. Rayong will become a green industrial quarter, an example for other provinces comic story terms of sustainable coexistence of factories and communities,” he said.