The board of China Development Financial Holding Corp (中華開發金控) yesterday agreed to a management reshuffle at the company and its subsidiary, China Development Industrial Bank (中華開發工銀), as requested by the Financial Supervisory Commission last week.
The financial regulator on Friday ordered China Development Financial to remove Angelo Koo (辜仲瑩) as president. Koo has been indicted for breach of trust and insider trading over the company’s disputed takeover bid for Taiwan International Securities Corp (金鼎證券).
Koo issued a statement saying he was resigning immediately.
The board named Tung Chao-chin (童兆勤), currently vice chairman of China Development Financial, as the holding company’s president and the chairman of the subsidiary bank, a company statement said.
Tung, who earned his master’s degree in material science from the University of Rochester in the US, had worked for the Cabinet’s atomic energy council, the Hsinchu Science Park and other government posts.
After retiring, Tung joined venture capital firms that invested in technology start-ups. He was recruited by China Development Financial in 2004.
The board also named Hsu Dao-yih (許道義) and Yang Wen-jun (楊文鈞) as standing board member and vice president respectively for China Development Financial.
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