Central Group chairman Vanchai passes away
Vanchai Chirathivat, long the patriarch of one of richest, most extended and best-known business families in Thailand, passed away today. He was 84.
The Central Group’s chairman, who was fighting prostrate cancer before he died, had largely retired from the running of the key Central Group businesses, which he entrusted to relatives and children. He is the father of top executives Kobchai, Pichai and Chintana Boonyarat.
Vanchai lately only served honourary roles for family businesses. He was the honourary chairman of Central Plaza Hotel Plc, chairman emeritus of Post Publishing Plc, honourary chairman of Central Pattana Plc, among other companies.
Central Group of Companies now encompasses a vast range of business, with focus on five core businesses - retail, marketing, property development, hotels and resorts, as well as restaurants. The Chirathivat family was ranked second in the Forbes Magazine's Thailand’s 40 Richest 2012, with family fortune of US$6.9 billion.
Second son of Chinese migrant Tiang Chirathivat, Vanchai was largely credited for the success of the "Family Council" of the Chirathivats. Vanchai followed up on the Family Council idea after the passing away of his elder brother and Tiang's first son, Samrit Chirathivat.
The concept of "Family Council", adapted through thorough studies of Chinese, Thai and western commercially or politically successful families, was mainly the reason why the Chirathivats became one of the country's most-extended business success stories.
Vanchai received an honourary doctorate from Ramkamhaeng University. Vanchai's vision and management style were also one of the reasons why his expanded family businesses surived economic hardest times in Thailand.
He was married to Sumalee Chirathivat and was survived by four sons and one daughter.
His funeral is taking place at the Debsirin Temple (Sala 10), until September 21. Guests are advised not to bring wreath, but their donation to Tiang Foundation is welcomed.
