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Noble’s Thongchai leaves post

By on Oct 22, 2012 in Property News

Thongchai Busrapan, the president of Noble Development Plc, has resigned without explanation, effective immediately, after working for the SET-listed developer since 1991.

His sudden exit prompted Kitti Thanakitamnuay, Noble’s chairman, chief executive and founder, to return to action quickly after having faded from the spotlight in recent times.

Noble on Thursday reported to the Stock Exchange of Thailand (SET) the resignation of Mr Thongchai as vice-chairman and president and from his seat on the board.

Mr Thongchai, 43, did not give a reason for stepping down and could not be reached for comment.

With no prior notice, the company acknowledged the resignation in a letter circulated by Mr Kitti on Thursday.

An employee said the last time Mr Thongchai came to work was this past Monday.

Another source said some staff members were told he resigned due to personal reasons.

The company yesterday reported that its business operations, investment and marketing activities will continue as usual.

“On behalf of Noble’s management, I wish Mr Thongchai, who was once our key manager and contributed greatly to the company’s success today, a great achievement in the future,” Mr Kitti said in the report.

Mr Thongchai, who is also Mr Kitti’s nephew, had been with Noble since his fourth year at Chulalongkorn University in 1991.

Noble’s many condo projects during the period created a phenomenon of overnight queuing up and closed sales within an hour.  Many projects in prime locations had a high appreciation in resale price.

for the full article, please visit http://www.bangkokpost.com/business/economics/317740/noble-thongchai-leaves-post

Source : Bangkok Post 20 October 2012

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