The Impact of Thai State Enterprise Privatization on Executive Management Transition

Purpose: This study examines executive transition management during Thai state enterprise privatization and its impact on organizational performance, addressing gaps in micro-level human dynamics within Southeast Asian privatization contexts. Design/methodology/approach: A longitudinal qualitative case study was conducted on a Thai construction materials company involving 15 executives across four groups: terminated (n=4), retained (n=5), newly recruited (n=4), and transition specialists (n=2). Semi-structured interviews were conducted at three time points (transition, 3-month, 6-month), supplemented by document analysis, observation, and performance records. Reflexive thematic analysis following Braun and Clarke (2019) was employed, with performance data integrated for triangulation. Findings: A J-curve pattern emerged, with initial performance decline in the first three months followed by recovery by month six. Four executive groups exhibited differential adaptation trajectories. Terminated executives experienced the longest adjustment period (4-6 months), while newly recruited executives showed consistently high confidence. Emotional responses manifested non-linearly across all groups. Communication effectiveness was the dominant success factor, cited by 93% of participants, followed by change leadership and human resource management. Thai cultural factors, particularly relational obligations (bunkhun), amplified responses to communication failures beyond Western research patterns. Practical implications: The PACE model (Prepare, Adapt, Communicate, Evaluate) provides evidence-based guidelines for transition management. Organizations should prioritize transparent communication, implement group-differentiated support strategies, and plan for a six-month adaptation period. Originality/value: This study contributes a multi-stakeholder transition model examining four executive groups simultaneously, temporal J-curve performance evidence in a Thai privatization context, and a culturally situated analysis demonstrating how bunkhun shapes adaptation in ways absent from Western privatization literature.