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.
MOVING ON UP: Taiwan improved in all four areas measured by the IMD, making its biggest leap, from 17th to sixth place, in economic performance Taiwan moved up three spots from last year to place eighth, its best performance since 2013, in the latest annual world competitiveness rankings, released yesterday by the International Institute for Management Development (IMD). Innovation, digitalization, welfare benefits and social cohesion are critical to economic performance, with Switzerland, Sweden, Denmark, the Netherlands and Singapore making up the top five on the list this year, the Switzerland-based institute said, after grading 64 countries and regions based on economic performance, infrastructure, and government and business efficiency. “Leading performers are characterized by varying degrees of investment in innovation, diversified economic activities and supportive public policy,” IMD
With the US opening up to travel, demand in Taiwan for US-bound flights has soared, pushing up ticket prices to most destinations in North America, tourism sources said. Fares for destinations in the US have risen dramatically since the middle of last month, and the trend is expected to continue in the coming months, as California on Tuesday lifted most social distancing and capacity limits put in place to contain the spread of COVID-19, ezTravel Co (易遊網) said in a statement yesterday. The travel agency forecast that the number of tickets sold this month is likely to be double or triple
‘MATTER OF SURVIVAL’: Vice Premier Liu He is to lead the development of ‘third-generation’ chips, a field not yet dominated by any nation or company Chinese President Xi Jinping (習近平) is renewing his years-long push to achieve technology self-sufficiency by tapping a top deputy to shepherd a key initiative aimed at helping domestic chipmakers overcome US sanctions. Chinese Vice Premier Liu He (劉鶴), Xi’s economic czar whose sprawling portfolio spans trade to finance and technology, has been tapped to spearhead the development of so-called “third-generation” chip development and capabilities, and is leading the formulation of a series of financial and policy supports for the technology, people with knowledge of the matter said. It is a nascent field that relies on newer materials and gear beyond traditional silicon,
OPPORTUNITY: The company aims to sell its product soon, as enterovirus vaccines are not available anywhere but China, where firms are only marketing their vaccines locally Medigen Vaccine Biologics Corp’s (高端疫苗) phase 3 clinical trials for an enterovirus 71 (EV71) vaccine completed the multi-regional, multi-central data “unblinding” yesterday, with the results, including safety, immunogenicity and efficacy, meeting its expectations. The company would compile a final analysis report as soon as possible, and apply for the new drug certificate from domestic and foreign drug authorities in the third quarter, Medigen said in a Taiwan Stock Exchange filing yesterday. Its phase 3 trials were conducted in Taiwan and Vietnam with 3,049 participants ranging from two months old to six years old, Medigen said. The company enrolled its first participant for
RSS