Sorajak resigns as THAI president

THAI share price was down by Bt0.20 or 1.34 per cent to Bt14.70 at 4.33pm.

In a statement by THAI, Sorajak was advised by medical physicians to take a medical leave of absence for a minimum of 2-3 months and this couldhave an impact on the duties of the president and on company operations. The board considered Sorajak has demonstrated much diligence in the duties of the president since taking this position in 2012, and having considered the medical reasons for the resignation and potential impact to the company. 

In a filing to the Stock Exchange of Thailand, THAI announced that the board of directors today acknowledged the resignation. 

Sorajak cited health problems as the reason. 

"The board has considered and in the opinion that the resignation is reasonable. Therefore, the board has approved the resignation and appointed Chokchai Panyayong, senior executive vice president for commercial, as acting president," the company said.

Chokchai will assume the position on January 2.

News reports since August showed that the airline's board has been disappointed with Sorajak's performance.

In the first three quarters of this year, the airline showed the net loss of Bt6.35 billion, compared to the net profit of Bt6.2 billion for the full year of 2012.

In 2011, the airline showed a net loss of Bt10 billion.

Sorajak was appointed THAI president in October 2012.