Thailand’s second richest man Charoen retires as chairman of Thai-Singapore property developer Frasers Property

He is be succeeded by Chumpol NaLamlieng, the former president of Siam Cement Group, according to a Frasers press release.

Charoen Sirivadhanabhakdi. Photo courtesy of Asset World Corporation

"It has been an honor to serve as chairman and to lead Frasers Property through a period of growth and transformation," said Sirivadhanabhakdi, who has been given the chairman emeritus title.

Charoen, 80, is the founder and chairman of TCC Group, a beverage and real estate conglomerate which owns Thailand’s largest drinks maker Thai Beverage.

As of Saturday he had a net worth of $11.9 billion, second only to energy tycoon Sarath Ratanavadi in Thailand, according to the Bloomberg Billionaires Index.

Charoen was born and raised in Bangkok and entered the Thai beer market in 1995. He then expanded to real estate and hospitality and invested into Singapore’s property and beverage firm Fraser & Neave in 2012.