MSC is expected to turn in the black in terms of profit & loss for the fiscal year 2002 according to "TURNAROUND PLAN"

Bangkok--Dec 19--MMC SITTIPOL MSC is expected to turn in the black in terms of profit & loss for the fiscal year 2002 by concerted efforts by all the parties concerned. This is the remarkable first step of "TURNAROUND PLAN" which MSC started since the beginning of this year. In order to accelerate implementation of "TURNAROUND PLAN" in more efficient way, MSC has been studying the substantial transformation of MSC organization and management. As a result of such intensive study, today we announce the following change of management. MSC is to have new executives positions to further strengthen management efficiency including Chief Operating Officer (COO), Chief Financial Officer (CFO) and Chief Information Officer (CIO). Meanwhile, MSC announces the retirement of Dr. Vachara Phanchet (EVP) and Dr. Vacharee Panchet (EVP). We, MSC, firmly believe that above change is the possible best way for further conducting "TURNAROUND PLAN". As to Dr. Vachara and Dr. Vacharee, we wish to elaborate as follows. In year 1997, the Lee Family to which Dr. Vachara and Dr. Vacharee belong sold its majority stake in MSC to MMC. At that time, Dr. Vachara and Dr. Vacharee were asked by MMC to assist the company in running the business as EVP for five years, or possibly more. Dr. Vachara and Dr. Vacharee have completed five years of such services to MSC which contributes significant turnaround in the profit in year 2002. Due to their long years of experience in the automobile industry, MSC has asked them to remain as Chief Executive Advisors to MSC on an independent basis. But only Dr. Vachara has agreed to work as Chief Executive Advisor to President & CEO of MSC. The role of Chief Executive Advisor is to provide necessary advice when needed by President & CEO from time to time. MSC believes that Dr. Vachara in his new positions will assist us in successfully further developing our automobile business in Thailand under the new management team. Dr. Vachara will remain as President of Sittipol Sales Company on a full-time basis, and will continue to support MSC for MSC's business expansion. Dr. Vacharee will be Vice Chairperson of Sittipol Holding Group which is her family business. We would like to reiterate that this overall management change was well planned in consideration of MMC's propelling "TURNAROUND PLAN" on world-wide basis. MSC's position as a sole manufacturer and distributor of Mitsubishi vehicles in Thailand, becomes much more important as not only MMC's sole production basis for pick-up truck but also regional production basis. Mr. Rolf Eckrodt, President & CEO of MMC will pay a visit to Thailand early part of next year for business discussion with us. It will be his first visit to Thailand since he assumed responsibilities as President & CEO of MMC in June this year. We most welcome him and details of result of his visit will be advised later. Please contact Public Relations Division for more information. Tel.0-2908-8000 ext. 8390-5 End. -TM-

• ข่าวmotor
• ข่าวo:fin
• ข่าวo:loc
• ข่าวo:med
• ข่าวen