THAI president Piyasvasti gets golden handshake
Play
Thai Airways International's board of directors today announced the termination of the employment contract of Piyasvasti Amranand, who has been serving as president since October, 2009.
As the termination comes before the end of his term next year, the board also approved a compensation package worth 6 months of his salary or about Bt5.94 million. The package for premature termination is part of the contract.
THAI Chairman Ampon Kittiampon said at the press conference that Piyasvasti was notified of the termination a month in advance. His employment would end a month after today.
“It is not that he is an incapable president. But unity in terms of communications between him and the board of directors has been poor. If THAI is to achieve its earning goal this year, the contract must be terminated. This is a golden handshake," he said.
The board today also approved the appointment of executive vice president Chokchai Panyayong as acting president, with immediate effect.
The selection committee, chaired by Finance Permanent Secretary Areepong Bhoochaoom, will start the process immediately.
THAI labour union will tomorrow submit petitions on the board's decision to Prime Minister Yingluck Shinawatra and ministers of Finance and Transport.
They said the reason for the termination sounds unreasonable.
