Former D-Link Corp (友訊科技) chairman John Lee (李中旺) is to resume his post at the company, replacing Lori Hu (胡雪), after a special shareholders’ meeting in Taipei yesterday voted to reinstate him.
Convened by two independent members of D-Link’s board of directors — Chung Shyang-fong (鍾祥鳳) and Fong Chung-peng (馮忠鵬) — the meeting resulted in the dismissal of Hu along with five other members, with more than 70 percent of votes in favor of the move.
Lee was also elected as the company’s new chairman.
Photo: Chien Jung-fong, Taipei Times
Thanking shareholders for their support, Lee said he aims to stabilize the company’s management and resume operations as soon as possible before the next shareholders’ meeting due on June 15.
However, Lee was denied entry to D-Link headquarters later yesterday.
Accompanied by Chung, Fong and his lawyer, Lee was confronted by Hu’s son, Howard Kao (高宏毅), who blocked their way, insisting that Lee come back when D-Link’s registration with the Ministry of Economic Affairs’ Department of Commerce has been modified.
The developments followed reports of a management crisis at D-Link, with company executives and board members forming two opposing camps.
Aiming to turn the company around after continuous losses over the past few years, Lee, who previously served as chairman, vice chairman and chief executive officer at the company, earlier this year sought help from Taiwan Steel Group (台鋼).
However, his move was met with strong resistance from Hu, who sought an alliance with Qisda Corp (佳世達) via D-Link subsidiary Alpha Networks Inc (明泰科技).
Lee was last month dismissed from his chairman position at Alpha Networks and his vice chairman position at D-Link.
The power struggle for D-Link leadership between Lee and Hu, and the camps they belong to, culminated in a fine of NT$300,000 for the company.
The fine, levied last week by the Taiwan Stock Exchange (TWSE), came after D-Link’s board of directors decided to postpone a regular shareholders’ meeting in a bid to prevent a hostile takeover from Taiwan Steel.
Taiwan Steel has obtained a power of attorney by shareholders in its bid for control of D-Link with the support of Lee and other company executives.
Following an ultimatum by TWSE threatening to place D-Link’s shares in the altered trading method category, the company backtracked on its decision, reverting to the original date for the shareholders’ meeting.
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