Chang Hwa Bank (彰化銀行) president Chen Chen-chao (陳辰昭) was forced to resign late last night, an official from the bank's union said.
Julius Chen (陳淮舟), president of Taishin Financial Holding Co (台新金控), is expected to fill the vacancy, the union's president, Tsao Ping-kun (曹炳坤), told the Taipei Times in a telephone interview last night.
Taishin Financial is the largest shareholder in the state-controlled Chang Hwa, with a 25 percent stake. The change is the latest twist in the management struggle between the two financial institutions.
Tsao said the bank's board meeting had been postponed to next Friday from next Wednesday in order to include details of the new president's appointment on the agenda.
"Chen Chen-chao was forced to step down so Taishin Financial can control things," Tsao said. "We are furious and will take strong action in protest, including staging a strike."
The union demanded that in future Taishin Financial representatives leave the boardroom when there is a discussion of issues involving a share swap between the two companies.
Bingo Lee, a special assistant to Taishin Financial's chairman Thomas Wu (吳東亮), said Chen Chen-chao resigned of his own free will and the company respected his decision. He declined to confirm whether Julius Chen would take over.
Chang Hwa spokesman Miles Chang (張明文) said he had no idea about the changes and declined to confirm the meeting schedule.
‘SWASTICAR’: Tesla CEO Elon Musk’s close association with Donald Trump has prompted opponents to brand him a ‘Nazi’ and resulted in a dramatic drop in sales Demonstrators descended on Tesla Inc dealerships across the US, and in Europe and Canada on Saturday to protest company chief Elon Musk, who has amassed extraordinary power as a top adviser to US President Donald Trump. Waving signs with messages such as “Musk is stealing our money” and “Reclaim our country,” the protests largely took place peacefully following fiery episodes of vandalism on Tesla vehicles, dealerships and other facilities in recent weeks that US officials have denounced as terrorism. Hundreds rallied on Saturday outside the Tesla dealership in Manhattan. Some blasted Musk, the world’s richest man, while others demanded the shuttering of his
TIGHT-LIPPED: UMC said it had no merger plans at the moment, after Nikkei Asia reported that the firm and GlobalFoundries were considering restarting merger talks United Microelectronics Corp (UMC, 聯電), the world’s No. 4 contract chipmaker, yesterday launched a new US$5 billion 12-inch chip factory in Singapore as part of its latest effort to diversify its manufacturing footprint amid growing geopolitical risks. The new factory, adjacent to UMC’s existing Singapore fab in the Pasir Res Wafer Fab Park, is scheduled to enter volume production next year, utilizing mature 22-nanometer and 28-nanometer process technologies, UMC said in a statement. The company plans to invest US$5 billion during the first phase of the new fab, which would have an installed capacity of 30,000 12-inch wafers per month, it said. The
MULTIFACETED: A task force has analyzed possible scenarios and created responses to assist domestic industries in dealing with US tariffs, the economics minister said The Executive Yuan is tomorrow to announce countermeasures to US President Donald Trump’s planned reciprocal tariffs, although the details of the plan would not be made public until Monday next week, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. The Cabinet established an economic and trade task force in November last year to deal with US trade and tariff related issues, Kuo told reporters outside the legislature in Taipei. The task force has been analyzing and evaluating all kinds of scenarios to identify suitable responses and determine how best to assist domestic industries in managing the effects of Trump’s tariffs, he
Taiwan’s official purchasing managers’ index (PMI) last month rose 0.2 percentage points to 54.2, in a second consecutive month of expansion, thanks to front-loading demand intended to avoid potential US tariff hikes, the Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) said yesterday. While short-term demand appeared robust, uncertainties rose due to US President Donald Trump’s unpredictable trade policy, CIER president Lien Hsien-ming (連賢明) told a news conference in Taipei. Taiwan’s economy this year would be characterized by high-level fluctuations and the volatility would be wilder than most expect, Lien said Demand for electronics, particularly semiconductors, continues to benefit from US technology giants’ effort