Thainox management restructured after Posco stake
Thainox Stainless's board has appointed Song Hyo-seok from South Korea's Posco as president to replace Prayudh Mahagitsiri, who will continue to serve as company chairman.
Effective this past Tuesday, the company said the appointment marked the reinvention of Thainox as a business that is more competitive in the global market place.
Thainox also named Han Yeong-hwan as new chief financial officer.
The announcement about the new management came after a change in the company's governance structure.
Posco, the world's fourth-largest steelmaker, launched a tender offer for Thainox in the Stock Exchange of Thailand on Tuesday at Bt2.20 per share.
On the first day, the Korean company acquired about 60 per cent of the company by purchasing the holdings of Prayudh and his family.
However, in his continuing role as chairman, Prayudh will provide management oversight in Thailand. He aims to repurchase up to 10 per cent of the stake sold by him and his family.
