Phuketwan on a Shock Resignation
NIGEL Cornick, high-profile CEO of Raimon Land, is reported to have resigned. According to Phuket resort consultant Bill Barnett, who posted the news on his new online blog, a replacement CEO has already been announced.
The reasons for the resignation are the subject of speculation but Barnett reports that the luxurious Amalfi project on Phuket in the exclusive neighborhood of the Amanpuri at Surin could have been the final project for Mr Cornick.
Asia Property Report online says the announcement follows months of speculation over Mr Cornick's position, as the company's cash flow has come under strain from falling sales figures.
Hubert Viriot, one of Raimon Land's current directors and an executive at IFA Hotels & Resorts, has been appointed as the new CEO.
''IFA Hotels & Resorts, a global property and hospitality company based in Kuwait, became major shareholders in Raimon Land in 2006, in partnership with Dubai-based private equity and alternative investment house Istithmar,'' Property Report says.
In a statement issued via a PR company, Raimon Land said its shareholders are ''committed to the ongoing success of the company, and plan to inject further capital to assist in the current and future operational requirements of the company.''
Raimon Land has become one of Thailand's leading Bangkok and beyond developers, with its three-trees logo and the adventurous slogan, ''Developing a better environment.''
The Raimon Land online site, which makes use of stunning landscapes and quotes from notable people in an effort to initiate sales, did not appear to carry any report of the change at the top.
What has yet to become clear is whether Raimon Land, having opted to defer the Amalfi, will continue to promote sporting events, including the King's Cup Regatta, on Phuket.
Barnett reports: ''With sales flattening in the luxury condominium market it caters to and an over reliance on foreign buyers who have been hit hard by the continued global downturn, the group has substantial surplus units at The Heights Phuket, The River, Northpoint and a number of other projects.''
The Barnett blog is at thephuketinsider.com
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