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.
HEAVY TOLL: The closure of the plants, which produced 56 percent of Feng Tay’s shoes last year, followed similar shutdowns in India, its second-biggest production base Feng Tay Enterprises Co Ltd (豐泰), a supplier for Nike Inc, on Saturday temporarily shut down four factories in Vietnam, its biggest manufacturing base, for about a week amid COVID-19 lockdowns, it said yesterday. Feng Tay is the latest in a slew of local manufacturers with operations in Vietnam that have suspended operations as the country grapples with its worst outbreak of COVID-19. Pou Chen Corp (寶成工業), the world’s largest manufacturer of branded athletic and casual footwear, last week said that it had suspended operations at its plant in Ho Chi Minh City, as virus restrictions shuttered factories in the business hub
Taiwan should protect its vaccine supply chain and invest in vaccine development after seeing how the COVID-19 pandemic has inflicted tremendous social and economic losses worldwide, Sanofi Pasteur Hong Kong & Taiwan general manager Philip Ho said in an interview this week. “When you look at the trillions of dollars that countries have lost, parents who are forced to stay at home with their children and various restrictions imposed following a nationwide lockdown, we really see what we are losing compared with what we can benefit from vaccination,” Ho said. While the government has been trying to secure vaccines since the middle
The next target for China’s cybersecurity crackdown is to be the pools of data collected by the latest generation of vehicles. This approach risks Beijing shooting itself in the foot, and jeopardizing its ambitious plans to lead the global race for electric and autonomous vehicles. China wants to have control over the information vehicles have about their drivers, the roads they traverse, and the faces and voices they pass, according to a draft law on data-security management for the automotive industry issued in May. It seeks to ensure manufacturers across the auto supply chain keep data in the country and pass
Yang Ming Marine Transport Corp (陽明海運) is to use NT$16 billion (US$570.4 million) of its NT$29 billion in newly raised capital to lower its debt-to-asset ratio to less than 60 percent, it said yesterday. The container shipping company’s assets and liabilities were NT$208.85 billion and NT$146.4 billion respectively as of the end of March, indicating a debt-to-asset ratio of 70 percent, company data showed. Its major rivals had lower debt ratios. As of March 31, Evergreen Marine Corp (長榮海運) reported a debt-to-asset ratio of 61.6 percent, while Wan Hai Lines Ltd (萬海航運) had an even lower ratio of 57.4 percent. After repaying debts,
RSS