Thai family-owned conglomerate, Charoen Pokphand Group, announced the resignation of Dhanin Chearavanont, the 80-year old billionaire, who has headed the company since 1969. He tendered his resignation due to "other businesses refraining him from performing his duty."

The company is in the process of selecting a qualified person to fill the vacancy. Succession began in 2017, when Dhanin ceded the group chairman's seat to his eldest son, Soopakij Chearavanont, while making his third and youngest son Suphachai Chearavanont CEO.

According to Nikkei, shares in CP Foods fell 1.9% on Wednesday to 22.24 baht on news of Dhanin's resignation, even as Thailand's benchmark SET index edged up 0.2%. Dhanin's success in a wide range of business fields made him a personal fortune estimated at $17.4 billion.