Somchai Lertsutiwong, Chairman of the Board of Directors of PTT Oil and Retail Business Public Company Limited (SET: OR), announced that M.L. Peekthong Thongyai will assume the role of Chief Executive Officer (CEO), succeeding Disathat Panyarachun, who will retire at age 60 on December 11, 2567.
The decision was finalized at the Board of Directors’ Special Meeting on November 19, 2567. Later on November 29, the board approved the remuneration package and executive contract before submitting to the Ministry of Finance for approval. Upon receiving approval, OR will officially appoint M.L. Peekthong as the new CEO.
OR also provided updates on other business aspects. First, the company is actively seeking a joint venture partner to reinforce its operations after discontinuing its investment in Texas Chicken in September. OR expects to secure a replacement partner by mid-2568.
Second, OR forecasts continued growth in 2025, bolstered by the recovery of the tourism sector and strong margins generated by its jet fuel products. Additionally, OR is optimizing costs and streamlining its portfolio by eliminating underperforming businesses, while still reviewing the suitability of its F&B business, with no additional cuts expected in the short term.
Third, OR anticipates improved revenue and profit in 4Q24 due to seasonal high demand and network expansion. By year-end, the company aims to open 90 new PTT Stations, 300 Café Amazon outlets, and 460 EV Station PluZ charging stations. Additionally, OR will reveal its finalized investment plan for the next five years in mid-December.
Finally, OR addressed the fake news alleging that PTT and OR executives were under investigation by the Department of Special Investigation (DSI). The company clarified that these claims are unfounded, as the documents referenced in the news were merely presented as evidence during preliminary proceedings and have not been formally submitted to the court.
Moreover, OR believes the perpetrators have malicious intent toward its executives, having previously submitted similar allegations in 2566. An internal investigation by OR and related entities revealed that these accusations were entirely baseless, as the transactions in question followed standard business practices and were conducted in the best interests of both OR and GGC.
