SinoPac Financial Holdings Co Ltd (永豐金控) yesterday appointed a new chairman to oversee efforts at improving the group’s corporate governance.
The embattled company appointed former Chunghwa Post Co (中華郵政) chairman Philip Ong (翁文祺) as chairman, a filing with the Taiwan Stock Exchange said.
Ong is a well-rounded candidate whose experience spans the nation’s diplomatic corps, the Ministry of Finance and the Financial Supervisory Commission (FSC) before he was tapped to lead the state postal service in 2013, market observers said.
During his term as Chugnhwa Post chairman, Ong worked to improve the profitability of the agency’s core postal services, as well as managing its massive NT$6.4 trillion (US$210.28 billion) in assets, including savings deposits and a life-insurance business.
Ong also served on the board of directors of CTBC Financial Holding Co Ltd (中信金控).
A series of regulatory run-ins resulted in the departure on June 19 of former SinoPac Financial Holdings chairman and founder Ho Shou-chuan (何壽川), while his replacement, Paul Chiu (邱正雄), last week announced his resignation, which took effect yesterday.
Ong, who has no ties to Ho or other founding families of local financial holding companies, is regarded as a candidate who could meet the expectations of both the FSC and President Tsai Ing-wen (蔡英文), market observers said.
However, critics questioned the appointment, as Chiu, a former superior of Ong at the ministry, retained his position on the board of directors of SinoPac Financial Holdings, saying reforms could be compromised by the links between Ong and Chiu.
Ong said that he would leverage his experience at Chunghwa Post and financial regulators to rebuild SinoPac Financial Holdings.
“There are no fires to put out and the company’s problems are not exceedingly severe,” Ong was quoted as saying in reports.
SinoPac shares gained 1.53 percent to close at NT$9.3 in Taipei trading yesterday.
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