After serving five years as chairman of the Chinese Petroleum Corp (中油), Regis Chen (陳朝威) yesterday confirmed he will be stepping down from the post, to be replaced by Kuo Chin-tsai (郭進財), the former head of the Aurora Group (震旦集團).
An official at Chinese Petroleum, who refused to be identified, said yesterday that Chen's resignation was first "requested" during a meeting with Minister of Economic Affairs Lin Yi-fu (林義夫) on Wednesday night.
At that meeting, Lin sought to persuade Chen to chair the China American Petrochemical Co (中美和石化) or CPC-Shell Lubricant Co (中殼潤滑油), two CPC affiliates. But Chen turned down the offer and decided to retire, the official said.
"I don't need any [political] kickback," Chen was quoted as saying yesterday, according to the local media.
Chen added that "after some rest, I'll start looking for a new job in the private sector, but it'll never be with the Formosa Petrochemical Corp (台塑石化)," putting an end to his 28-year civil service career.
Premier Yu Shyi-kun yesterday confirmed Kuo's new appointment, which he said is expected to be approved at the company's shareholders' meeting on June 19.
"Chen has completed his mission and we have high regard for him," Yu told reporters after his address to the Chinese National Association of Industry and Commerce's (CNAIC, 工商協進會) assembly yesterday morning.
"Chen's departure is not a discredit to his professionalism," the premier added.
Dismissing his allegedly close ties with the incoming Chinese Petroleum chairman, Yu said Kuo was recommended to him by the economics minister and that he hardly knew Kuo.
Kuo, 57, is currently the managing director of the Real Tone Technology Corp (真通科技) after leaving Aurora late last year, after over 30 years at the company.
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