Global seafood giant Thai Union on Monday appointed president and CEO Thiraphong Chansiri as its new chairman of the board.

The appointment follows the resignation of former Chairman Kraisorn Chansiri, founder of the $4 billion (€3.6 billion) group, for allegedly purchasing shares in late 2017 based on insider information.

In addition to Kraisorn Chansiri, Chuan Tangchansiri, a director at the group, also resigned as a result of the scandal. Nakorn Niruttinanon was appointed as the director to replace Tangchansiri, the company said Monday.

The company also appointed Kirati Assakul, an independent director, to be the company's vice chariman of the board and lead independent director "to balance the power between the board and the management."

In total, nine individuals, including Kraisorn Chansiri, were ordered by the SEC to pay steep fines for insider trades that allegedly took place in 2017.

Thai Union said it "seriously conducted [a] fact-finding investigation and found no evidence indicating any insider trading activities."

The company saw its earnings before interest, taxes, depreciation and amortization (EBITDA) sink more than 11 percent in the first quarter of 2022 as, like many other companies, it battled inflationary pressures as well as increased supply chain and global logistic constraints.