Kasikornbank Public Company Limited (SET: KBANK) has announced a major change of its board structure with some of the Lamsam Family, founder of the bank, stepping down from the position.
In a letter published through the Thai stock exchange, KBANK wrote that the Board of Directors Meeting of Kasikornbank Public Company Limited No. 4/2024, held on April 25, 2024, resolved to reduce the size of the Board by decreasing the number of Non- Executive and Executive Directors, and increase the ratio of independent directors to be over 50% of the Board. This change reinforces the Bank’s commitment to adhering to good corporate governance practices according to international standards, bringing greater flexibility to face future challenges and opportunities.
Because of the above restructuring, six board members, i.e., Mr. Sara Lamsam, and Mr. Suroj Lamsam resigned from their positions of Non-Executive Director and their Board Committee memberships, whilst Mr.Pipit Aneaknithi, Dr. Pipatpong Poshyanonda, Mr. Chongrak Rattanapian, and Mr.Rungruang Sukkirdkijpiboon resigned from their positions of Director (Authorized Signatory) and President. These six Board members will hold their current Board positions until April 30, 2024.
In addition, at the same Board of Directors Meeting, the Board resolved to appoint all the above four individuals currently holding the title of Director and President to the position of President, effective from May 1, 2024. The Board also approved the designation of the names and the number of directors with signatory authority, i.e., Ms.Kattiya Indaravijaya, Ms. Sujitpan Lamsam, Ms. Chonchanum Soonthornsaratoon, Mr. Kalin Sarasin, any two of these four directors shall be authorized co-sign with the company’s seal affixed.
KBANK stated that the bank is in the process of recruiting qualified candidates to reach a size of 15 directors and will inform the Stock Exchange of Thailand accordingly.
