Food and cooking oil supplier Taisun Enterprise Co (泰山企業) yesterday elected a new chairman and board of directors, putting an end to a high-profile ownership fight between the third-generation descendants of the founder.
Chan Yi-hung (詹逸宏), who took over as general manager from former chairman Kenneth Chan (詹岳霖) last month, is to become chairman, while Chan Chin-chia (詹晉嘉) is to become vice chairman and Fred Chan (詹景超) is to act as the new general manager.
The new postings were decided at an extraordinary shareholders’ meeting in Taipei’s Beitou District (北投), after three of the company’s eight directors resigned on March 9, as stipulated by the Company Act (公司法).
Chan Chin-chia, Chan Ya-lin (詹雅琳) and Fred Chan, who are all Kenneth Chan’s cousins, demanded the latter step down from his position at the company, citing his poor performance.
They accused Kenneth Chan of having an autocratic management style that is not conducive to the company’s best interests, adding that he continuously disregarded the board’s advice to close two unprofitable Chinese ventures, according to a joint statement released last month.
Fred Chan yesterday said that the new management team would tackle the unprofitable Chinese businesses as soon as possible, and they would close down the ventures if the situation there does not improve.
He said the new team has to spend time familiarizing itself with the operating situation in China, as the former chairman was previously in charge of those businesses.
In regards to Kenneth Chan’s seat at Taiwan FamilyMart Co (全家便利商店), in which Taisun holds a 20 percent stake and also has two board seats, Fred Chan said that they would have to conduct more research to determine whether Kenneth Chan’s seat was taken in a personal capacity without the board’s approval.
The company also plans to set up an audit committee, made up of the three newly elected independent directors, to supervise board members’ remuneration to enhance corporate governance, Chan Yi-hung said.
In addition, Fred Chan said that the company would work on safeguarding shareholders’ interests and he predicted that the company’s net profit this year would not be lower than last year’s NT$120 million (US$3.71 million).
The attendance at yesterday’s extraordinary shareholders’ meeting was a record high 87.64 percent, with a bloc opposed to the former chairman controlling more than 70 percent.
Drama at the 66-year-old company began to wind down this month as both sides of the internal disagreement strove to put Taisun’s interests and family harmony first.
Taisun shares yesterday rose 1.17 percent to close at NT$13 in Taipei trading.
RUN IT BACK: A succesful first project working with hyperscalers to design chips encouraged MediaTek to start a second project, aiming to hit stride in 2028 MediaTek Inc (聯發科), the world’s biggest smartphone chip supplier, yesterday said it is engaging a second hyperscaler to help design artificial intelligence (AI) accelerators used in data centers following a similar project expected to generate revenue streams soon. The first AI accelerator project is to bring in US$1 billion revenue next year and several billion US dollars more in 2027, MediaTek chief executive officer Rick Tsai (蔡力行) told a virtual investor conference yesterday. The second AI accelerator project is expected to contribute to revenue beginning in 2028, Tsai said. MediaTek yesterday raised its revenue forecast for the global AI accelerator used
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has secured three construction permits for its plan to build a state-of-the-art A14 wafer fab in Taichung, and is likely to start construction soon, the Central Taiwan Science Park Bureau said yesterday. Speaking with CNA, Wang Chun-chieh (王俊傑), deputy director general of the science park bureau, said the world’s largest contract chipmaker has received three construction permits — one to build a fab to roll out sophisticated chips, another to build a central utility plant to provide water and electricity for the facility and the other to build three office buildings. With the three permits, TSMC
TEMPORARY TRUCE: China has made concessions to ease rare earth trade controls, among others, while Washington holds fire on a 100% tariff on all Chinese goods China is effectively suspending implementation of additional export controls on rare earth metals and terminating investigations targeting US companies in the semiconductor supply chain, the White House announced. The White House on Saturday issued a fact sheet outlining some details of the trade pact agreed to earlier in the week by US President Donald Trump and Chinese President Xi Jinping (習近平) that aimed to ease tensions between the world’s two largest economies. Under the deal, China is to issue general licenses valid for exports of rare earths, gallium, germanium, antimony and graphite “for the benefit of US end users and their suppliers
Dutch chipmaker Nexperia BV’s China unit yesterday said that it had established sufficient inventories of finished goods and works-in-progress, and that its supply chain remained secure and stable after its parent halted wafer supplies. The Dutch company suspended supplies of wafers to its Chinese assembly plant a week ago, calling it “a direct consequence of the local management’s recent failure to comply with the agreed contractual payment terms,” Reuters reported on Friday last week. Its China unit called Nexperia’s suspension “unilateral” and “extremely irresponsible,” adding that the Dutch parent’s claim about contractual payment was “misleading and highly deceptive,” according to a statement
RSS