Siam Commercial Bank (SCB) executive chairman and chief executive Vichit Suraphongchai has resigned as a Shin director, effective last Friday.

Another Shin director, Somprasong Boonyachai, said in a statement to the Stock Exchange of Thailand yesterday that SCB had appointed its senior vice president and head of its Equity Investment Division, Thitima Rungkwansiriroj, to replace Vichit.

Thitima has worked at SCB since last October.

Vichit was appointed as a Shin director in January 2006 after Cedar Holdings acquired a majority of shares in the corporation founded by the family of ousted prime minister Thaksin Shinawatra. Vichit represented SCB's shareholding in Cedar Holdings. The bank's stake in Cedar has been diluted to 5.78 per cent, from about 9 per cent at the time Cedar Holdings acquired Shin. Cedar Holdings' shareholding in Shin Corp was 54.51 per cent as of April 5.

One analyst said Vichit resigned because he was too busy at the bank, so the bank sent an executive to replace him.

Vichit's is the latest in a series of resignations from the Shin board, including that of Pong Sarasin, who quit as the company's chairman on May 14. He was replaced by Virach Aphimeteetamrong. Pong was appointed as Shin's chairman when Cedar Holdings acquired the Thai company. At the time, Pong was also chairman of Kularb Kaew, which held a majority stake in Cedar Holdings.

Shin has also appointed Vikrom Sripataks, Suwimol Kaewkoon and Nidchanun Santhaveesuk as members of its executive committee following the resignations of Boonklee Plangsiri, Niwattumrong Boonsongpaisan and Siripen Sitasuwan.

The company's executive committee now consists of chairman Somprasong, Dumrong Kasemset, Arak Chonlatanon, Vikrom, Suwimol and Nidchanun.