BANGKOK: Thailand’s king has approved former corporate energy executive and bourse chair Pichai Chunhavajira as finance minister, taking over the role from Prime Minister Srettha Thavisin, according to the official Royal Gazette.

Pichai, 75, who has been Srettha’s adviser, was the chair of the board of Bangchak Corp, a post he had held since 2012. He headed the board of the Stock Exchange of Thailand for less than three months this year and was on the central bank board from 2014 to 2017.

Also taking on the role of deputy prime minister, Pichai will face a tough task of reviving Southeast Asia’s second-largest economy, which lags its regional peers, as it faces high household debt and borrowing costs, as well as China’s slowdown.

Meanwhile, Thai Foreign Minister Parnpree Bahiddha-Nukara has resigned, the government said on Sunday, after losing the position of deputy prime minister in a cabinet reshuffle. Prime Minister Srettha Thavisin has received Parnpree’s resignation letter, government spokesperson Chai Wacharonke told Reuters.

“Parnpree’s resignation will not affect government work in foreign affairs as the foreign ministry’s permanent secretary and officials can work instead,” he added.

Srettha’s new cabinet, endorsed by Thailand’s king and published in the official Royal Gazette, showed Parnpree listed only as foreign minister, no longer also as deputy prime minister.

Local media reported that Parnpree’s resignation letter said he believed his removal was not due to his performance.

Published in Dawn, April 29th, 2024