NMG Chairman Thanachai resigns for health reasons

Thanachai Theerapatvong yesterday tendered his resignation, citing problems with his back and the need for regular physical therapy. Accordingly, the board appointed Suthichai Yoon, one of the founders and current group editor-in-chief, as Thanachai’s replacement. 

The former chairman said he expected no impact on the company’s finances or management from his decision to step down. 

“The company has shown consistent improvement. We’d been through problems, from the Tom Yam Kung to the Hamburger crises, and political instability. Yet, we survived them all thanks to a strong corporate culture,” he said. “In the media industry, Nation Group is second to none. It’s time for me to leave and seek treatment for my illness.”

Joining Nation Group in 1976, Thanachai was given the task of resuscitating the venture, which was struggling from huge losses. Comparing it to a sinking boat that did not have holes that could be plugged, he initially planned to leave once the situation improved. 

However, he changed his mind and stayed on while the Nation Group expanded from just The Nation Review newspaper to several publications and then grew to cover other media businesses. Over the years, Thanachai has represented NMG at a number of associations, was bestowed the “Asian Lifetime Achievement Award” at the Asian Publishing Awards (APA) in Bangkok last year for his ability to overcome numerous business obstacles, and gained recognition in the publishing sector both in Thailand and abroad.

“I have worked for the company for 36 years in various capacities – as an employee, a director and shareholder. I reached retirement age some six or seven years ago, but the term was extended twice as I was assigned to execute a number of missions,” he said, adding that he gave serious thought to retirement when the second term ended.

He said he was certain that his departure would not affect the management, thanks to the succession plan, which has been in place for years. Besides, over the past few years, the group’s financial standing has improved thanks to the continued reduction in debt and the strengthening of its competitiveness. Though the media industry has been undergoing tough challenges amid technological advancement, Thanachai said he is convinced that the group is ready to face challenges.

“There’s no concern for the group in terms of human resources, competitiveness and corporate strengths. Our ‘light’ strategy – cutting our attachment to assets – has resulted in a continual decline in debt. This change comes at the most appropriate time. I want to convey my thanks to all my colleagues who have stayed by my side through all the hardships,” he said. 

To show his confidence in the company’s structure and finances, Thanachai also handed some shares to Suthichai and his group.

“We have passed a critical point. We have been successful in pushing away political control. I’m comfortable with the partial share sale as the shares will go to insiders, and will guarantee that there is no intervention from outsiders,” he said. 

Suthichai, meanwhile, said yesterday that he was comfortable about taking on the job because the group is in a sound position. 

“Thanachai has been talking about his decision for a while, and now that the time has come, we can stay assured that the company is stronger than we were years before. My job is to pass the baton over to our younger executives. I expect full cooperation with the power transfer and am confident that a better future awaits us.

“I’m convinced that all employees share my opinion. Nobody needs to say how sorry we are to see Thanachai go after his 36 years of devotion to the company. I’m proud to say that The Nation is here today because we had him as our commander in chief. This chief has given us freedom and allowed us to preserve our professionalism,” he concluded.