After just 50 days on the job, Tatung Co (大同) chairman Lin Wen-yuan (林文淵) has been dismissed.
Lin made the announcement at a news conference in Taipei yesterday, saying that he “does not know exactly why myself” the reason for his tenure being cut short.
Lin said that he had “minor differences of opinion” with Tatung’s leading investor, Shanyuan Group (三圓建設) chairman Wang Kuang-hsiang (王光祥), who informed Lin on Monday last week that he would be replaced.
Photo: Tu Chien-jung, Taipei Times
“I asked him why. What did I do wrong? He said: ‘Nothing, but it’s now a different time with different circumstances,’” said Lin, describing a conversation with Wang.
When asked to name a point of friction with Wang, Lin said that Wang wants to be Tatung vice chairman.
“He mentioned it at the very first board meeting. I told him it was on the table, but we have to amend some company by-laws first,” Lin said.
“As the largest shareholder, Wang thought his suggestion should be accepted, but there are possible legal ramifications,” he said.
Lin said that he did not know who would take over at Tatung, but an announcement is scheduled for today.
His picks for Tatung president, Tang Cheng-jen (湯政仁) and chief financial officer Chen Ming-nan (陳明男), have already tendered their resignations.
The Chinese-language Mirror Media weekly reported that Lin’s choices for president were questioned by former Tatung chairwoman Lin Kuo Wen-yen (林郭文艷), who remains on the board, citing lack of experience.
Tang was an assistant professor of electrical engineering at Tatung University for 17 years before founding a start-up, SourceTec Co (思源資訊).
Lin Wen-yuan, who is also chairman of Eastern Broadcasting Co (東森電視), said that he had “given it my all” in his effort to turn around the beleaguered company after being made chairman on Nov. 2.
He was brought in by Wang after a group of activist investors led by Wang wrested control of the company away from Lin Kuo Wen-yen, the last representative of the founding Lin family at Tatung.
At a news conference last month announcing Lin Wen-yuan’s appointment as chairman, he and Wang promised that it would be “a new Tatung” and the end of years of boardroom drama.
However, the relationship between the two has been “irreparably ruptured” by arguing over Tatung’s management, reports have said.
“It is not as bad as that, but it might be difficult for us to work together in the future,” Lin Wen-yuan said.
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