A member of one of the most prominent business clans in Thailand will be stepping down from his posts at the Bangkok Life Assurance (BLA) later this year.
BLA president Chone Sophonpanich will resign on July 1 as he plans to move to the US and join his family, online news portal eThailand
Sophonpanich will be quitting all of his positions, including executive director, investment committee member and company director.
The report by eThailand
said that the company’s nomination and remuneration committee is in the process of selecting a new president.
“His resignation has nothing to do with business,” the report quoted Voravan Tarapoom, the chief executive of BLA’s investment management arm, as saying.
“For a year he told me that he wanted to spend his life with his family in the US,” she added.
Sophonpanich joined Thailand’s leading life insurer in 2008 as a senior vice president. The company appointed her as president in 2011.
He is the grandson of Chin Sophonpanich, the founder of Bangkok Bank. Members of their family hold many business positions, according to eThailand