Premchai Karnasuta has announced he is stepping down as chief executive officer of Italian-Thai Development Public Company Limited, or ITD, due to retirement, effective from 1 October 2026. He has appointed his youngest son, Thoranis Karnasuta, to take over the role, in line with a board resolution on 1 December 2021 that had already approved the appointment, in order to keep the company's management running continuously and efficiently. The change comes after ITD suffered persistent operating problems. In 2024, it reported total revenue of 72.45 billion baht and a net loss of 5.78 billion baht, while in the first six months of 2026 it posted total revenue of 16.54 billion baht and a net loss of 533.86 million baht. As a result, at the end of the second quarter of 2026, its accumulated unappropriated loss stood at 11.15 billion baht. The company has also faced repeated accidents at several large projects, including an incident at the Thailand-China high-speed rail project and the collapse of the new Office of the Auditor General building during an earthquake, which killed 95 workers.
Italian-Thai Development Public Company LimitedCEO Premchai steps down amid persistent operating problems, including a 5.78bn baht 2024 net loss and 11.15bn baht accumulated loss.
