King Power restructures amid 10-year extension

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King Power International Group has gained a 10-year extension to its duty-free contract at Thailand's airports

King Power International Group has gained a 10-year extension to its duty-free contract at Thailand's airports and has announced the first in a series of organisational changes.

Airport authority Airports of Thailand (AoT) today announced the extension, which it said was effective until December 31, 2015. AoT said: "King Power will pay 15% of its gross revenue to AOT during the first five years. This will increase by 1% every year for the following period." The airport said it expected concession revenue from King Power to increase by over $44m during the lifetime of the contract.

King Power confirmed the news to TRW, and announced the first of several organisational changes. Susan Whelan has been promoted to group deputy managing director. She will continue to oversee buying, will handle the company's local tax-free business and take responsibility for the group's downtown operations. The group is set to announce other changes, including at buyer level, in the coming days.