Charoen Sirivadhanabhakdi, Thailand’s second richest person, has recently handed control of key companies to his five children, marking a generational shift in leadership for his beer-to-property conglomerate TCC Group.
The 81-year-old founder and chairman of TCC Group transferred his full stake in Sutthasup 9 Company to his five heirs last week, according to Bloomberg, which ranks him as the second richest billionaire in Thailand with US$11.7 billion in net worth.
His shares in the privately held Sutthasup 9, which has indirect control over three of his conglomerate’s core companies—Berli Jucker, Asset World Corp, and Thai Group Holdings, were equally distributed among his offspring, according to information disclosed to the Stock Exchange of Thailand.
The TCC empire traces its roots back to 1961 when Charoen took over a liquor company where he had once been an employee. Over the following six decades, he and his wife Khunying Wanna Sirivadhanabhakdi, who passed away in 2023, steadily expanded the business into a sprawling conglomerate spanning five key sectors: food and beverages, insurance and finance, industrial and trading, agriculture, and property.
Throughout the years, the husband-and-wife founders have carefully prepared their five children to take on leadership roles across these key sectors, Thai newspaper The Nation reported.
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Charoen Sirivadhanabhakdi (top), founder and chairman of TCC Group, and his children (from left to right): Atinant Bijananda, Thapana Sirivadhanabhakdi, Thapanee Techajareonvikul, Wallapa Traisorat, and Panote Sirivadhanabhakdi. Photo by Thai Group Holdings, Asset World Corp, Berli Jucker, One Bangkok |
The finance and insurance business, including both life and non-life insurance operations under the Akaneay brand, is managed by the eldest heir, Atinant Bijananda, through Thai Group Holdings. She is the couple’s first-born daughter.
The property arm is headed by their second daughter Wallapa Traisorat and younger son Panote Sirivadhanabhakdi. Wallapa oversees the hospitality real estate segment, managing a portfolio of hotels and tourism-focused retail properties under Asset World Corp. Panote is in charge of real estate development, which includes residential projects and office complexes. Among his portfolio is the family’s biggest property venture — the $3.6 billion One Bangkok project, a collaboration between TCC Assets and Frasers Property Holdings.
The food and beverage division is overseen by the third child and elder son, Thapana Sirivadhanabhakdi, who leads Thai Beverage, Thailand’s largest drinks maker, according to Nikkei Asia. Alcoholic beverages, the core of the division, generate tens of billions of baht (1 billion baht = US$30.6 million) for the group.
The industrial and trading arm is managed by the fourth child and third daughter, Thapanee Techajareonvikul, through Berli Jucker, a company with a history of over 140 years known for consumer goods manufacturing and its retail business, which includes the Big C hypermarket chain.
Leadership of the agricultural and agro-industrial business, under the Plantheon brand, is less publicly defined, with both Thapana and Panote holding director roles.
Though he continues to hold control over TCC Group, Charoen has been steadily stepping back from day-to-day leadership across his group companies. Earlier this year, he stepped down as chairman of Singapore-based food and beverage company Fraser and Neave in January and retired from his role as chairman of Thai-Singapore developer Frasers Property in February — two other firms within his business empire.
The latest stake transfer is seen as part of a meticulously arranged succession plan to hand the reins of the family empire over to his heirs.
Reflecting on the future of his legacy, Charoen recently told the Thai Chamber of Commerce in an interview: “I would like my business to have a sustainable growth by avoiding any excessive spending and borrowing beyond its capacity.”