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.
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