Thailand: Central Pattana announces 5-year plan.

(From Thai Press Reports)

Section: General News - Central Pattana Plc, the listed property development arm of the Central Group, will decentralise management to increase efficiency and prepare for overseas expansion, the Bangkok Post reports.

CPN president Kobchai Chirathivat said the programme would be in line with the company's five-year vision (2006-10) to expand its business rapidly in both overseas and domestic markets.

"We will clearly see CPN's new image within the next five years, particularly the management, which will be more professional rather than the current family-run system," said Mr. Kobchai.

Apart from recruiting more outsiders, the company intends to give executives at various business units more independence in decision-making. The number of employees will increase to 2,000 in 2010, up from 1,500 currently.

"Through decentralisation and a shorter line of command, we expect to move faster and deploy more effective human capital aligned with our growth as fast as possible," said Mr. Kobchai. "Speed is necessary because CPN is in a fast-growing era. We will open another eight new branches within the next five years, compared to only 10 over the past 19 years." To reflect improvements and a broader brand vision, the company's logo has been changed and will officially be launched in early October.

Four new logos will ...