After a four-month-long family squabble, the board of Shinkong Synthetic Fibers Corp (新光人纖), a polyester subsidiary under the Shinkong Group (新光集團), yesterday finally elected Eric Wu (吳東昇) as chairman.
"The chairmanship will be officially transferred to Eric Wu [from his elder brother Thomas Wu (吳東亮)] in the next few days," said Alex Tsai (蔡欽源), an attorney who represents Eric Wu.
While the company's chairmanship battle has ended, feuding has continued over the polyester subsidiary's board. A reshuffle failed on Monday after Thomas Wu refused to relinquish his proxy votes to his younger brother, as previously agreed. Eric Wu put the blame on Thomas Wu in a written statement yesterday.
"To respect our agreement, I had previously relinquished my proxy votes [at Taishin Financial Holding Co (台新金控), which Thomas Wu chairs] to my elder brother. But, he failed to relinquish his [proxy votes at the fiber maker] to me in return," the statement read.
According to Tsai, Thomas Wu claims he controls over 39 percent of the fiber company and, therefore, aims to take up four of the seven board seats.
But Eric Wu insisted in holding a majority on the board after Thomas Wu agreed to throw his full support behind his chairmanship, Tsai said.
Out of the 39 percent stake that Thomas Wu claims he owns, at least 27 percent belongs to the family instead of Wu himself, Tsai said.
The disagreement is expected to rekindle another boardroom fight between the two brothers in June when the incumbent board's tenure ends.
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Chizuko Kimura has become the first female sushi chef in the world to win a Michelin star, fulfilling a promise she made to her dying husband to continue his legacy. The 54-year-old Japanese chef regained the Michelin star her late husband, Shunei Kimura, won three years ago for their Sushi Shunei restaurant in Paris. For Shunei Kimura, the star was a dream come true. However, the joy was short-lived. He died from cancer just three months later in June 2022. He was 65. The following year, the restaurant in the heart of Montmartre lost its star rating. Chizuko Kimura insisted that the new star is still down
While China’s leaders use their economic and political might to fight US President Donald Trump’s trade war “to the end,” its army of social media soldiers are embarking on a more humorous campaign online. Trump’s tariff blitz has seen Washington and Beijing impose eye-watering duties on imports from the other, fanning a standoff between the economic superpowers that has sparked global recession fears and sent markets into a tailspin. Trump says his policy is a response to years of being “ripped off” by other countries and aims to bring manufacturing to the US, forcing companies to employ US workers. However, China’s online warriors
RSS