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.
Taiwan’s foreign exchange reserves hit a record high at the end of last month, surpassing the US$600 billion mark for the first time, the central bank said yesterday. Last month, the country’s foreign exchange reserves rose US$5.51 billion from a month earlier to reach US$602.94 billion due to an increase in returns from the central bank’s portfolio management, the movement of other foreign currencies in the portfolio against the US dollar and the bank’s efforts to smooth the volatility of the New Taiwan dollar. Department of Foreign Exchange Director-General Eugene Tsai (蔡炯民)said a rate cut cycle launched by the US Federal Reserve
Handset camera lens maker Largan Precision Co (大立光) on Sunday reported a 6.71 percent year-on-year decline in revenue for the third quarter, despite revenue last month hitting the highest level in 11 months. Third-quarter revenue was NT$17.68 billion (US$581.2 million), compared with NT$18.95 billion a year earlier, the company said in a statement. The figure was in line with Yuanta Securities Investment Consulting Co’s (元大投顧) forecast of NT$17.9 billion, but missed the market consensus estimate of NT$18.97 billion. The third-quarter revenue was a 51.44 percent increase from NT$11.67 billion in the second quarter, as the quarter is usually the peak
The US government on Wednesday sanctioned more than two dozen companies in China, Turkey and the United Arab Emirates, including offshoots of a US chip firm, accusing the businesses of providing illicit support to Iran’s military or proxies. The US Department of Commerce included two subsidiaries of US-based chip distributor Arrow Electronics Inc (艾睿電子) on its so-called entity list published on the federal register for facilitating purchases by Iran’s proxies of US tech. Arrow spokesman John Hourigan said that the subsidiaries have been operating in full compliance with US export control regulations and his company is discussing with the US Bureau of
Pegatron Corp (和碩), a key assembler of Apple Inc’s iPhones, on Thursday reported a 12.3 percent year-on-year decline in revenue for last quarter to NT$257.86 billion (US$8.44 billion), but it expects revenue to improve in the second half on traditional holiday demand. The fourth quarter is usually the peak season for its communications products, a company official said on condition of anonymity. As Apple released its new iPhone 17 series early last month, sales in the communications segment rose sequentially last month, the official said. Shipments to Apple have been stable and in line with earlier expectations, they said. Pegatron shipped 2.4 million notebook