CEO of the Year 2024

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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

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.

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

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

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Ensuring Lenovo’s sustainable future

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Woraphot Thavornwan, General Manager of Lenovo Thailand and Rest of Indochina, is on a mission to drive Thailand towards intelligent transformation

Mr Woraphot has successfully positioned Lenovo Thailand as the market leader in the computer segment, showcasing his ability to excel in a competitive environment.
Mr Woraphot has successfully positioned Lenovo Thailand as the market leader in the computer segment, showcasing his ability to excel in a competitive environment.

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 Thavornwan

General Manager of Lenovo Thailand and Rest of Indochina

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Japan’s ruling coalition set to lose parliamentary majority, exit polls show

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TOKYO: Japan’s ruling coalition may fall short of a parliamentary majority, exit polls for Sunday’s (Oct 27) general election showed, raising uncertainty over the make-up of the government of the world’s fourth-largest economy. A poll by national broadcaster NHK showed the Liberal Democratic Party (LDP), which has ruled Japan for almost all ofContinue Reading

Japan voters punish PM Ishiba, election result unclear

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TOKYO: Japan’s ruling coalition is set to lose its parliamentary majority, exit polls for Sunday’s (Oct 27) general election showed, raising uncertainty over the make-up of the government of the world’s fourth-largest economy. A poll by Nippon TV showed Prime Minister Shigeru Ishiba’s Liberal Democratic Party (LDP), which has ruled Japan forContinue Reading

Thai FDA urged to act on contaminated grapes

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In: South-East Asia

PUBLISHED : 27 Oct 2024 at 17:16

Shine Muscat grapes (photo: Thailand Consumers Council)
Shine Muscat grapes (photo: Thailand Consumers Council)

Thailand Consumers Council is urging the Food and Drug Administration (FDA) to take legal action against importers of Shine Muscat grape after lab tests showed some samples were contaminated with chemicals which are banned in Thailand.

According to TCC, 23 out of 24 Shine Muscat grape samples tested by the council last week were found to be contaminated with hazardous chemical residues beyond the acceptable legal limit. Some were contaminated with chlorpyrifos and endrin aldehyde, which are banned under current food safety laws. 

TCC secretary-general Saree Aongsomwang said on Sunday the FDA should take legal action against importers who brought in the tainted grapes. Those that have already been imported but have yet to be distributed must be inspected thoroughly, and those which are contaminated should be destroyed.

Ms Saree called on grape importers to recall their products to be thoroughly inspected. She also called on the FDA to ban companies which are found to have knowingly imported contaminated grapes.

The TCC purchased the 24 samples from different places — two from online shops, seven from fruit shops and fresh markets and 15 samples from modern trade — on Oct 2-3 in Bangkok and surrounding provinces.

Lab tests found residues of 14 harmful chemicals at concentrations above the safety limit of 0.01 mg/kg. In total, the tests detected also 50 chemical laws residues, 22 of which are not regulated under current Thai law, such as triasulfuron, cyflumetofen, tetraconazole and fludioxonil.

FDA secretary-general Surachoke Tangwiwat on Sunday clarified that out of 50 chemical residues detected, 36 did not exceed the safety limit, while 14 are not on the watchlist due to a lack of information on their risks.

He urged consumers to wash fruits thoroughly before consuming them.

Dr Surachoke emphasised the FDA’s commitment to ensuring consumer safety, saying imports which are found to be contaminated will be seized and legal actions will taken against importers.

Meanwhile, vendors at a market in Nakhon Ratchasima’s Muang district said after the news broke, consumers have been avoiding Shine Muscat grapes, despite offering them at a 70% discount, leading many of them to remove them from their shelves. 

Thaworn Prommee, 58, said that half of his stock has spoiled, despite it being the shop’s best seller before the news broke.

She added that business operators are suffering significant losses as a result.

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Retirement age to go up to 65: ministry

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PUBLISHED : 26 Oct 2024 at 07:40


The Labour Ministry plans to raise the retirement age for both private and government sectors to 65 years, the same as in Singapore and Switzerland, said the minister Phiphat Ratchakitprakarn.

Mr Phiphat said on Friday that the idea of extending the retirement age was attributed to today’s improvements in health and medical advancements.

According to him, the ministry also plans to amend the Social Security Act and expand the social security benefit to cover 2 million migrant workers, including those from Myanmar, Laos and Cambodia, he said.

Self-employed individuals and workers in industries currently exempt from the Social Security system are to be registered with the system under the amended law. They include taxi drivers, delivery riders, agricultural workers, domestic workers, and hawkers.

In addition, there is a proposal to increase the fund contributions from employers and employees by 2% each, with the government contributing 2.5%. The total contribution of all three parts would increase by 6.25%.

Plans to continuously adjust the wage ceiling and salary cap to align with the currency value were also underway, he said.

According to Mr Phiphat, the ministry is considering converting the Social Security Fund’s fluctuating medical cost, which is the biggest chunk of expenses currently estimated at 60 billion baht per year, into a fixed cost. By having the insurance company take care of this financial responsibility, it would help the Social Security Office (SSO) mitigate floating costs and manage the fund more effectively.

Mr Phiphat said the Social Security Fund is targeting a return of at least 5% in 2025, up from 2.3-2.4% in 2023. If successful, this would extend the fund for another 3-4 years. He added that the SSO’s overseas investment, particularly in the US and European markets, has yielded around 6-7% of return profit.

The SSO will next year invest around 65% of its fund in low-risk assets, such as government bonds and savings, and the other 35% in higher-risk assets such as domestic and international stocks and real estate, he said. That is instead of the current investment proportion of 70/30. Mr Phiphat also stressed the need for proactive fund management to ensure sustainable fund growth amidst a rise in the ageing population and secure the fund’s future financial stability.

If no action is taken, the Social Security Fund could be depleted in the next 30 years, he said.

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Alarm raised about contaminated grapes

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PUBLISHED : 25 Oct 2024 at 21:13

Shine Muscat grapes are popular in Thailand but recent checks indicate chemical residue levels are a concern. (Photo: Thai Pesticide Alert Network)
Shine Muscat grapes are popular in Thailand but recent checks indicate chemical residue levels are a concern. (Photo: Thai Pesticide Alert Network)

The Thai Pesticide Alert Network (Thai-PAN) has warned about contamination of Shine Muscat grapes, after finding that most of the samples it collected contained hazardous chemical residues above maximum permitted levels.

Thai-PAN, the Thailand Consumers Council (TCC) and the Food and Drug Administration (FDA) revealed the laboratory test results on Thursday.

The TCC purchased 24 samples of the popular grapes from different locations including two from online shops, seven samples from fruit shops and fresh markets and 15 from supermarkets, on Oct 2 and 3. The prices ranged from 100 to 699 baht per kilogramme, said Prokchon Usap, the co-ordinator of Thai-PAN.

“Only nine samples could be identified as having been imported from China, while the country of origin of the remaining 15 samples could not be identified,” she said.

“It was quite shocking when we saw that 23 out of 24 samples had pesticide residues exceeding the legal limit.”

One sample was found to have chlorpyrifos, an insecticide that is banned in Thailand, she said.

Another 22 samples contained 14 harmful chemical residues that were above the safety limit of 0.01 mg/kg and yielded another 50 pesticide residues, 22 of which have not yet been declared under Thai law, such as triasulfuron, cyflumetofen, tetraconazole and fludioxonil.

“These pesticides remain in grapevine tissue, and removing them from plant tissue is unlikely to be easy,” said Ms Prokchon.

Thai-PAN and the TCC urged the Ministry of Public Health to take immediate action, including ordering importers and distributors to label the country of origin of imported Shine Muscat grapes.

The FDA has inspected 264 tonnes of imported Shine Muscat grapes, worth 72 million baht, so far this year, according to Dr Wattanasak Sornrung, director of the agency’s Food and Drug Inspection Checkpoint Division.

Only four samples were found to have pesticide residues above the safety standards, he said. The FDA has already taken legal action against those importers.

He said the FDA examined grapes that were brought in by train from China and found they were all safe.

“The FDA will take stronger action to check imported fresh fruit and vegetables,” he said. “More samples will be needed, and instead of waiting the current three days, the test findings must be released within 24 hours.”

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Karthik Shenoy joins Bank of Singapore in transformation push | FinanceAsia

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Karthik Shenoy joined Bank of Singapore as head of platforms and transformation, chief operating office, last month.

Shenoy (pictured) reports to Bank of Singapore’s global chief operating officer Jacky Ang, and has been tasked with driving the implementation of the bank’s three year strategic plan to enhance its internal infrastructure and platforms.

Shenoy has over two decades of experience in the financial services industry, and has held senior positions in both business and technology domains. Prior to joining Bank of Singapore, Shenoy worked at Credit Suisse (now part of UBS) where he was most recently its global head of financing technology and head of Asia Pacific (Apac) wealth technology. Before that, he was head of Apac banking & lending platform and head of Apac markets platform.

He has experience across markets including Singapore, Tokyo, and Hong Kong, and has been involved in conceptualising, designing and delivering complex applications and platforms involving pricing, trade lifecycle, risk, and portfolio management domains, according to a media release.  

Ang commented: “Karthik’s exceptional combination of business acumen and technology expertise positions him well to drive the implementation of our three-year strategic plan in enhancing our infrastructure and platforms. His ability to collaborate well will also be instrumental in developing intricate client and front-office applications, which are critical deliverables of our three-year strategic plan.”

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Citi boosts Asia markets team with two hires from JP Morgan | FinanceAsia

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Citi is adding to its Asia markets team with two appointments from JP Morgan who are both set to start at Citi in December. 

Anand Goyal is set to join Citi’s FX team as head of FX institutional sales for Japan, Asia North & Australia and Asia South clusters. Based in Singapore, Goyal (pictured right) will report to Cécile Gambardella, head of sales for markets for Japan, Asia North and Australia clusters and Sam Hewson, global head of FX sales.

Goyal was previously head of macro FX (MacroX) and real money sales for Asia Pacific (Apac) at JP Morgan, where he began his career over 20 years ago, according to his LinkedIn profile. 

In addition, Hooi Wan Ng will join Citi as head of markets for Malaysia. Ng (pictured left) will report to Sue Lee, head of markets for the Asia South cluster and Vikram Singh, Citi country officer and banking head for Malaysia. She was most recently head of local corporate sales and private side sales at JP Morgan, where she has served since 2011.

The upcoming move follows the appointment of Ngo Hong Minh as head of markets and country treasurer for Vietnam who joined Citi in December 2023 from JP Morgan.

Commenting on Goyal’s appointment, Hong Kong-based Gambardella said, “As Apac’s leading markets and FX franchise, we have opportunities for growth across our network. With his extensive experience and deep understanding of regional market trends, we are well positioned to further strengthen and grow our client relationships under Anand’s leadership.”

Commenting on Ng’s appointment, Singh said: “Malaysia is a key market for Citi globally, where we are seeing strong growth across our interconnected businesses. Malaysia is at the forefront of investments, both foreign and domestic, as it continues to benefit from supply chain shifts. I’m confident under Hooi Wan’s leadership Citi’s growth momentum will continue.”

Citi’s Q3 2024 results 

 

Meanwhile, on October 15, Citigroup revealed that its net profit was $3.2 billion in the third quarter 2024, compared to net profit of $3.5 billion in Q3 2023. 

The bank said this was driven by the higher cost of credit, which was  partially offset by the higher revenues and the lower expenses.

Citigroup revenues of $20.3 billion in Q3, an increase of1%, on a reported basis. Excluding divestiture-related impacts, primarily consisting of the approximately $400 million gain from the sale of the Taiwan consumer banking business in the prior-year period, revenues were up 3%. This increase in revenues was driven by growth across all businesses.

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