CEO Insights Magazine

A CEO's role is multifaceted, encompassing vision and strategy development, leadership and decision-making, financial management, compliance and ethics, and fostering an environment conducive to growth and success. Their actions and decisions significantly impact the company's trajectory and long-term prosperity. Dr. Teerawut Chanyasak, the CEO of Vorrawut Group, embodies a professional journey that stands as a testament to his diverse and enriching experiences, rooted in his connection to Chiang Mai.

Born and raised in the dynamic city of Chiang Mai, Dr. Chanyasak earned his Bachelor of Engineering degree at Chiang Mai University. From a young age, his aspiration was to raise the city's standards and contribute to its community, a lifelong source of motivation. Despite financial constraints, Dr. Chanyasak persevered in pursuing higher education, obtaining dual Master's degrees—an MBA and a Master of Engineering from Vanderbilt University. This educational journey broadened his horizons and equipped him with the knowledge and skills for future endeavors.

His career at Emerson, a Fortune 500 company, began when he was recruited into their Corporate Sponsorship Program, which aimed to groom MBA graduates into future business leaders. This marked the beginning of a decade-long career at Emerson at both the global headquarters in USA and the Asia headquarters in Hong Kong. He played a pivotal role in shaping the Asia division's strategy, as well as in product development and eBusiness solutions, honing his global marketplace insights and strategic thinking.

Advanced knowledge in real estate from Harvard University and hotel and tourism management from The Hong Kong Polytechnic University prepared him to lead Vorrawut. Today, Dr. Chanyasak's motivation lies in creating lasting value and pursuing growth opportunities, with the vision of transforming Vorrawut, a company with a 45-year legacy, into a comprehensive provider of quality living solutions, spanning property development, interior furnishings, and material supplies. His journey also involves expanding their presence in the hospitality industry, currently owning and operating two award-winning boutique hotels, two fine dining restaurants, and a spa, all driven by a commitment to making a positive impact, not only within the organization but also in the broader community. Let’s hear more from him in this interaction.

Could you share with us the distinctive experiences offered by Chiang Mai University in Thailand and what insights did you gain from your time on campus that extend beyond academics?

Chiang Mai University Thailand transcends its role as a mere academic institution and has significantly shaped my life outside the traditional classroom setting. As a native of Chiang Mai, my educational journey began in this city, culminating in the completion of my Bachelor of Engineering degree at Chiang Mai University, which laid the groundwork for my future endeavors.

Apart from its outstanding academic prowess, it is the university's exceptional experiences that truly distinguish it. The campus instilled in me the significance of adaptability and open-mindedness, qualities that have played a pivotal role in my transition from Chiang Mai to the global stage. Chiang Mai University also nurtured a strong sense of community and collaboration, imparting to me the value of teamwork and collective efforts. These lessons continue to guide me in fostering a culture of collaboration and support within the Vorrawut organization.

Could you elaborate on your leadership approach and the principles or strategies that guide your leadership style?

My leadership philosophy is firmly anchored in a foundational framework that forms the cornerstone of our journey at Vorrawut Group. At its core, we uphold a culture characterized by a commitment to quality, integrity, and entrepreneurship. We meticulously balance the pursuit of performance-driven objectives with the cultivation of a people-centric environment. I wholeheartedly encourage my team to embrace creativity and actively seek innovative solutions to confront challenges head-on.

On an individual level, we place a significant emphasis on the development of skills and knowledge among our team members.

Collaboration and teamwork occupy a central role in our approach. I firmly believe in the collective potential of a motivated and cohesive team, capable of achieving extraordinary outcomes. To foster this, we have introduced an academy program at Vorrawut, collaborating with esteemed educational institutions and experts to enhance our staff's skills and groom future leaders.

Moreover, I am a staunch advocate for the transformative potential of digital innovation. Within our organization, we have established a dedicated digital team tasked with both driving and supporting sustained growth. In the swiftly evolving landscape of contemporary business, staying at the vanguard of technological advancements is crucial to maintaining our competitive edge.

Lastly, our commitment to sustainability and ethical business practices remains steadfast. Vorrawut Group is unwavering in its dedication to minimizing our environmental footprint and making ethically sound decisions that benefit not only our organization but also the communities we are privileged to serve.

What are the major projects that you have undertaken till now? How did you overcome the challenges associated with them and what did you learn from them?

Vorrawut Group takes pride in its extensive portfolio, having successfully delivered over 400 interior furnishing and material supply projects for residential and commercial properties in Chiang Mai, Bangkok, and Phuket. Additionally, our achievements include the development of two award-winning boutique hotels under our ownership. Our track record solidifies our industry position. Through challenges, we have evolved and grown significantly, gleaning vital lessons. We have mastered systematic issue resolution, implemented structural improvements to prevent recurrence, and adapted to a dynamic market landscape. Emphasizing continuous staff skill development and nurturing future leaders through our academy program remain pivotal. This strategic initiative enables emerging talents, including recent graduates, to shoulder substantial responsibilities across diverse divisions and businesses within Vorrawut Group.

How do you ensure you stay updated on current industry trends to guide your organization toward the future?

Vorrawut Group's drive to lead in the industry relies on a proactive strategy for keeping up with industry trends and technological advancements. Our enduring partnerships with respected brands like Oppein, Accoya, Tricoya, Merino, and others form the foundation of our pursuit of excellence and innovation. We are committed to actively participating in conferences, nurturing strong professional connections, and collaborating with industry specialists. This proactive involvement enables us to predict market changes, align our strategies with evolving consumer preferences, and leverage state-of-the-art technology to innovate across our diverse range of offerings.

Going forward, what are the changes in market behavior that you anticipate and what are the opportunities that you foresee?

Looking ahead, we anticipate shifts in market behavior and foresee promising opportunities. Our strategic focus centers on sustainability, personalization, and digital integration. As a small to medium-sized company with a diverse portfolio, we adapt to market dynamics. Elevating personalized experiences in our Hospitality Services relies on the expertise of our Academytrained staff. Our entrepreneurial workforce sparks new business endeavors, possibly leading to a franchise model. Simultaneously, technology integration enhances operational efficiency and client engagement. Exploring emerging markets and fostering integrity-aligned collaborations complement our commitment to Quality Living Solutions and Hospitality Services, fortifying our stance against evolving market trends.

What is the ultimate destination you are working toward?

Our vision is resolute. We are dedicated to remaining a small to medium-sized company with a substantial footprint, all the while staying true to our core values of quality, integrity, and an entrepreneurial spirit.

Our trajectory is set to achieve national recognition for delivering comprehensive, toptier living solutions and extraordinary hospitality experiences. We aspire to extend our influence within the property development and interior furnishings sectors, and persistently setting new benchmarks in the hospitality industry. In the forthcoming years, Vorrawut Group will persist in nurturing our team, promoting continuous innovation, bolstering sustainability initiatives, and retaining an unshakeable commitment to excellence in all our pursuits.

In the light of your extensive experience within the industry, what advice would you give to budding industry leaders?

Drawing from extensive industry experience, I offer guidance to emerging leaders. First, craft a compelling vision for your organization, serving as a guiding star. Be resilient to learn from setbacks and adapt. Embrace change and be flexible to navigate evolving markets. Uphold unwavering integrity in ethical practices. Set priorities aligning with your vision and values. Seek mentorship and offer it to foster future leaders. Cultivate a lifelong learning mindset to adapt to the ever-changing business world. With the right mindset, a commitment to excellence, and dedication to growth, emerging leaders can navigate their careers toward remarkable success.

Dr. Teerawut Chanyasak, CEO of Vorrawut Group

Dr. Teerawut Chanyasak is a transformative leader with a track record of turning Vorrawut from a 45-year-old local furniture producer into a multidisciplinary solution provider. With a background at Emerson in the USA and Hong Kong, his expertise spans strategy, marketing, product development, and eBusiness. Dr. Chanyasak possesses a diverse educational background from prestigious institutions—The Hong Kong Polytechnic University, Vanderbilt University, Harvard University, and Chiang Mai University—encompassing fields like engineering, business, real estate, and hotel and tourism management.

QUICK FACTS:

• Hobbies: Golf, music, reading

• Favorite Cuisine: Thai, Italian, Japanese

• Favorite Books: Variety including bio of successful people, self-help books, history, sports

• Favorite Travel Destination: Europe

• Awards & Recognition: (Only most recent awards) World Luxury Hotel Awards 2023, World Luxury Restaurant Awards 2023