The Board Chairman of State Insurance Company (SIC), Max Cobbinah, together with five other board members have resigned their posts for fear of being sacked by the president.

They announced their decision at the insurance firm’s recent annual general meeting held in Accra.

The other five board members that have resigned their posts include the Chief Executive Officer of Tema Oil Refinery, Ato Ampiah, Kingsley Awuah-Darko, Yvonne Osei Tutu, Dr. Vitus Anaab-Bisi and Dr Kofi Amoah, the largest individual shareholder who was representing the interest of minority shareholders.

Recently, The Independent reported that President Mahama would soon appoint new board members of some state institutions particularly SIC and Merchant Bank because of the poor state of the two firms.

The workers of SIC had recently called for the resignation of their board chairman else they will go on a demonstration. Mr Cobbinah’s resignation will, therefore, come as a big relief to the workers.

President Mahama, a couple of weeks ago, announced new directors for SSNIT, ADB and the Ghana Statistical Service.