Bangkok Post: Restructuring executives with local experience needed
01 December 1998
Editor: In 2004, Edwin Sim established Human Capital Alliance, Thailand’s Premier Executive Search & Senior Advisory Firm. Between 1997-2003, Edwin Sim was Managing Partner of Korn Ferry Thailand. This article was first published in the Bangkok Post in December 1998.
Korn Ferry International, an executive search firm, said many firms in Thailand were experiencing an acute shortage of executives versed in restructuring necessary to improve company performance during the economic downturn.
While Thailand is making significant progress in financial and political reform – and potentially may be the first Asian country to emerge from the economic quagmire – obstacles still loom as consumer confidence and foreign investment remain, for the most part, hobbled.
Companies also are lagging behind in making the difficult adjustments necessary for recovery, the Korn Ferry International report said.
Many multinational firms are looking for CEOs who can successfully operate in economies undergoing massive structural changes. In today’s highly competitive global environment, restructuring involves much more than simply downsizing and cleaning up a company balance sheet.
“Companies are not merely looking for a restructuring expert who knows how to cut the payroll and blow out a few assets,” says Edwin Sim, managing director of Korn Ferry Thailand .
“They are searching for flexible, versatile individuals who can adapt to the ever-changing economic situation and effectively lead a company through the variables.”
Corporations in all industries and sectors are now restructuring their operations. Markets are opening and companies are forced to compete internationally.
Korn Ferry said its multinational clients are increasingly emphasizing a candidate’s ability to productively manage and capitalize on the company’s regional matrix. “Companies can no longer afford to duplicate overheads in every single market,” said Mr. Sim.
Thai nationals constitute more than 90% of Korn Ferry’s Thailand placements. “In a competitive global marketplace, companies are actively looking for global executives with Thai market experience,” Mr. Sim said.
“The economic difficulty requires executives with proven success in an international market, coupled with local expertise. Returning Thai executives from the US and other Asian markets are in great demand.”