Chang Hwa elects new acting chairman

Chang Hwa Commercial Bank (彰化銀行) yesterday elected Wu Cheng-ching (吳澄清) as acting chairman, after former chairman Chang Po-shin (張伯欣) unexpectedly resigned on Monday after a seven-year term.

Wu was a standing director on the board representing Taishin Financial Holding Co (台新金控), which acquired a 22.5 percent stake and secured eight of 15 board seats in Chang Hwa in 2005.

Wu's appointment was made during a board meeting yesterday, Chang Hwa said in a press statement. He will host the lender's annual shareholders' meeting tomorrow, the statement said.

While Wu's appointment is temporary, the bank said yesterday it has not yet decided when to choose a full-time chairman.

Taishin Financial president Lin Keh-hsiao (林克孝) said on Tuesday that the company planned to invite a former minister of finance to be Chang Hwa's next chairman, as the candidate should be both experienced and senior.

Lin didn't specify who that person would be, but several Chinese-language newspapers yesterday speculated that it would be either Lee Yung-san (李庸三) or Shea Jia-dong (許嘉棟).

Taishin Financial chairman Thomas Wu (吳東亮) said the company would consult with the government in order to select a candidate acceptable to both the government and the company's employees.