The ‘Bangkok Post’ is today running the third of its ‘Bangkok Post CEO of the Year 2024’ series with the profiles of three more CEOs who received awards.
We honour Disathat Panyarachun, Chief Executive Officer of PTT Oil and Retail Business Public Company Limited (OR), as the CEO of the Year in Sustainable Business Leadership; Woraphot Thavornwan, General Manager of Lenovo Thailand and Rest of Indochina, as the CEO of the Year in Transformational Tech Leadership; and Natira Boonsri, Chief Executive Officer of Central Department Store Group, under Central Retail, as the CEO of the Year in Retail Transformation Excellence.
Natira Boonsri Chief Executive Officer of Central Department Store Group, under Central Retail
Keeping Thailand’s top retailer front, right and Central
Central Dept Store Group CEO Natira Boonsri creates iconic stores to give customers a world-class experience
Natira Boonsri, Chief Executive Officer of Central Department Store Group (CDG) under Central Retail, leads one of the most prominent department store groups in Thailand and Southeast Asia, overseeing the iconic Central and Robinson Department Stores.
With nearly 20 years of experience in the retail industry, Natira has successfully driven the transformation of several key retail spaces to meet modern consumer demands.
One of her most notable projects includes the complete transformation to elevate Central Chidlom which opened its doors in 1973 to become a truly iconic constant of Thailand’s luxury shopping destination, positioning it as “The Store of Bangkok”. This ambitious project reflects her visionary approach to retail and her ability to navigate the evolving market landscape.
Ms Natira’s journey in retail began after earning a bachelor’s degree in Economics from Boston College and an MBA from Harvard Business School. She started her career as a consultant at Boston Consulting Group (BCG) before joining Central Retail in 2005 as project development director.
By 2014, she had become president of Zen Department Store and senior vice president of Central Department Store, where she demonstrated her leadership skills by spearheading major renovations at CentralWorld and Central Ladprao. In 2018, she was appointed president of Central Department Store, and in 2021, she transitioned to Chief Commercial Officer of Central Retail Corporation Plc (CRC). She returned to CDG as CEO shortly thereafter.
Ms Natira, a third-generation member of the Chirathivat family, which owns and operates Central Group, is the eldest daughter of Boonbunlue and Ratana (Chirathivat) Norpanlob. She is married to Nathavud Boonsri and has two children, Napat and Narisa.
Among her accomplishments is the transformation of Zen Department Store into CENTRAL@centralwOrld, a key project that revitalised one of Bangkok’s busiest shopping districts. Ms Natira invested over 1 billion baht in this renovation, transforming the 50,000-square-metre space into a hub that integrates shopping, dining, and leisure experiences for customers. The move also introduced more than 3,000 brands, creating a blend of retail and lifestyle offerings. Ms Natira emphasised this transformation was not just about shopping — it was about enhancing the overall customer experience.
Under her leadership, CENTRAL@centralwOrld has become a model for integrating omni-channel strategies, allowing for a seamless, personalised shopping experience both online and offline. She plans to extend this model across an additional 20 out of 23 Central locations in five years.
Ms Natira’s commitment to retail transformation goes beyond physical renovations. Her focus is on understanding changing consumer preferences and driving innovation. She remains dedicated to enhancing the customer experience by offering new brands and services that align with modern lifestyles.
Ms Natira says every renovation is a team effort. It needs to work closely with marketing, communications, and brand teams to ensure the firm offers the best products and services for customers. Seeing customers happy and enjoying the new spaces is the greatest source of pride.
Beyond business, Ms Natira is committed to corporate social responsibility (CSR) and creating shared value (CSV). She is focused on not only driving profitability but also contributing to the environment and society. By placing customers at the heart of the business and leveraging innovation and development, she is ensuring Central Department Stores remain a leader in the retail industry. Through her leadership, Natira Boonsri is shaping the future of retail in Thailand, embodying a commitment to excellence and transformation.
Natira BoonsriChief Executive Officer ofCentral Department Store Group,under Central Retail
While it would be a challenge for OR to enter the healthcare and beauty business sector, the move is expected to generate revenue fir the company, Mr Disathat said.
OR banking on diversification strategy
CEO Disathat Panyarachun oversees expansion from oil retail to healthcare and beauty products
The transformation of a business to ensure its survival in response to technological disruption requires a varied approach, according to Disathat Panyarachun.
The chief executive officer of PTT Oil and Retail Business Plc (OR) is not opposed to making changes within a business in response to disruption, but in his opinion such steps are often carried out when it’s already “a bit too late”.
Rather, Mr Disathat is a proponent of individuals trying to “disrupt themselves” first, before the emergence of any tech disruption. This approach has enabled him to prove that he has guided and directed OR on the right track, ensuring the company is able to further grow from the expansion of its non-oil businesses.
From developing electric vehicle (EV) charging facilities to selling healthcare and beauty products, OR’s business diversification has provided opportunities to fuel the company’s growth amid technological upheaval and the emergence of new societal and lifestyle trends.
Mr Disathat continues to get behind OR’s plan to roll out more EV charging stations at PTT petrol stations to serve EV motorists, a move that aligns with the global trend of promoting greater EV usage.
Like other oil retailers, OR saw the impact of increasing numbers of battery-powered vehicles on the country’s roads had on oil sales. This led the company to rapidly roll out charging services for EV motorists at its petrol stations. Indeed, it was one of the first to do so.
Mr Disathat says OR needs to rapidly become part of the EV ecosystem before electric-powered vehicles make an even bigger dent on the demand for oil in the future. Global demand for oil is expected to rise by 5% to a peak of 50 million barrels per day by 2032, with oil use per vehicle likely to fall sharply as EVs are expected to account for more than half of all auto sales by 2040, according to a report released in June 2024 by Goldman Sachs Research, a division of Goldman Sachs Group, a global investment banking, securities and wealth management firm.
The development of EV charging stations is part of OR’s “Beyond Fuel” concept, which also includes the company’s food and beverage business. This prioritises matching OR’s product and service offerings with the demands of consumers amid new societal and lifestyle trends.
OR has long been working towards realising the Beyond Fuel goal by embarking on non-oil ventures rather than remaining in the comfort zone by enjoying its long-established status as a major oil retailer, said Mr Disathat. “We don’t care what new energies there will be in the future. What we have to do is to maintain our leadership position as we do in the oil retail sector,” he said.
The company wants EV charging stations to provide another alternative service for motorists, which will also provide OR with a new business opportunity. OR earlier announced it plans to increase its investment in the battery charging business through its EV Station PluZ plan. The company expects to have 600 EV charging outlets nationwide within this year, up from 400 outlets as of July 2023. The longer-term aim is to raise the number of outlets to 7,000 by 2030.
Another non-oil business OR is keen on promoting is the sale of healthcare and beauty products, representing another aspect of the company’s shift away from its decades-long role as an oil retailer.
While visiting a petrol station, consumers can now experience a one-stop shop by selecting a tasty dish, sipping some refreshing coffee and purchasing from a range of alluring cosmetics and skincare products. Thailand is now the second largest healthcare and beauty market in Southeast Asia and OR is keen to tap into this significant business opportunity.
Through its subsidiary OR Health and Wellness, OR took the step of venturing into the health and beauty business by partnering with Sugi Holdings, a Japanese drugstore chain and nanotech platform operator.
OR plans to open up to 10 shops named “found & found” by year end to increase sales of these products. Mr Disathat said while it would be a challenge for OR to enter the healthcare and beauty business sector, which has a local market value estimated at 1 trillion baht, the step is expected to generate revenue for the company.
Disathat Panyarachun Chief Executive Officer of PTT Oiland Retail Business Public Company Limited (OR)
Woraphot ThavornwanGeneral Manager of Lenovo Thailand and Rest of Indochina
Ensuring Lenovo’s sustainable future
Woraphot Thavornwan, General Manager of Lenovo Thailand and Rest of Indochina, is on a mission to drive Thailand towards intelligent transformation
Lenovo Thailand, under the leadership of general manager Woraphot Thavornwan, has successfully transformed from a computer hardware-centric organisation to a comprehensive AI-powered services and solutions provider as the market matures, ensuring a sustainable future.
Thailand is one of the top markets for Lenovo in Asia-Pacific. Mr Woraphot’s mission is to drive Thailand towards intelligent transformation.
In 2020 he was appointed Lenovo’s director of the consumer business division in Thailand, where he played a crucial role in driving the consumer and retail business forward. After that, Mr Woraphot was promoted to general manager for Myanmar, Laos and Cambodia, overseeing diverse markets and demonstrating his adaptability.
In his current role, he has positioned Lenovo Thailand as the market leader in the computer segment, showcasing his ability to excel in a competitive environment.
Mr Woraphot said Lenovo has been a leading company in the PC industry for many years and has continued to hold the No.1 position globally. In the latest quarterly report by IT research house IDC, the company remains in the top position. “Over the past few years, we’ve transformed our organisation into three business groups. First is the Intelligent Device Group (IDG), which encompasses a range of products, including tablets, desktops, notebooks and workstations,” he said.
The second is the Infrastructure Solutions Group (ISG), which covers servers, storage, cloud solutions and security products, providing end-to-end solutions.
The third is the Solutions and Services Group (SSG), dedicated to delivering comprehensive, tailored solutions across various industries, including manufacturing, food and beverage, hospitality and finance.
“Our clear strategy and strong execution, as well as our persistent focus on innovation and operational excellence resulted in revenue improvement across all business groups in the recent quarter, with 47% of revenue coming from non-PC sources,” said Mr Woraphot.
Lenovo is implementing its One Lenovo strategy, where a single account executive or sales representative will be able to provide comprehensive end-to-end solutions — from edge to cloud to customers, which reduces working redundancies, he said.
This approach allows Lenovo to tailor its offerings to meet the specific needs of end-users across various industries in Thailand and the Indochina region. “We’ve invested time and resources in upskilling our sales team to ensure we retain the necessary skills to stay ahead of the curve,” said Mr Woraphot.
He said understanding this structural shift is crucial. The company has also leveraged artificial intelligence (AI) to enhance its organisational capabilities and help customers adapt to the changes. “The key is our ability to adjust our methodologies to deliver a seamless value chain, from our products, ranging from edge devices to cloud infrastructure equipment, ensuring fluency in serving our customers. I believe we’re on the right path and will win in the market,” said Mr Woraphot.
He said every success stems from a deep understanding of the customers. “Delivering smarter technology for all is not an easy task, but we’ve made significant investments in research and development — standing at US$476 million in the last fiscal year. Remarkably, one in every four employees is dedicated to R&D, with more than 18 locations delivering products across 180 markets,” said Mr Woraphot.
“Our success is largely due to our commitment to listening to the market. In the consumer segment, we offer a wide range of AI PCs and devices, while in the commercial sector, we provide a comprehensive suite of solutions — from edge to cloud, including client technology, networking and intelligent infrastructure.”
He said Lenovo is well-prepared to serve various markets with the right talent. In Thailand, for example, the company has a full range of training programmes to develop the workforce. This enables the company to respond to changes, serve customers and partners better, and ensure the best products from its R&D efforts reach end-users through business partners. “This holistic approach is how we achieve success in the market,” said Mr Woraphot.
“Listening is just as important as speaking; we need to empathise and put ourselves in others’ shoes. This requires flexibility and resilience to adapt to change. At Lenovo, we think globally but act locally, empowering our teams with diverse skills,” he said.
“Understanding timing and behavioural differences of different markets is crucial. We also need to empower our people and foster teamwork based on trust. When we delegate responsibilities, we do so collectively, supporting each other through challenges and celebrating successes together,” said Mr Woraphot.
This approach has led to high employee satisfaction in Thailand, resulting in the company’s recent recognition as a “Great Place to Work in 2024”, he said.
“Ultimately, our success stems from winning in the market, serving our customers and partners, and valuing our employees. At Lenovo, we believe that teamwork is essential, and we are prepared to win together,” said Mr Woraphot.
Woraphot ThavornwanGeneral Manager of Lenovo Thailandand Rest of Indochina