Hand-picked by the detained Liu Tai-ying (劉泰英) on Tuesday, 33-year-old Diana Chen (陳敏薰) took over the helm of China Develop-ment Financial Holding Corp (中華開發金控), ensuring Liu's influence at the nation's fourth-largest financial company is secure.
"As a temporary chairperson in the absence of Liu, Chen had better not take the new position too seriously," said a former board member of China Development who still works in the finance industry.
"Liu would not be very happy to learn things have changed should he be able to return [from detention]," said the board member who requested anonymity.
TAIPEI TIMES FILE PHOTO
The source said he had attended bi-weekly board meetings for more than a year with Chen, who struck him as a "pretty smart yet quiet" person.
Chen's family has close ties with Liu and Chen is well aware of the need to not overstep her bounds when it comes to her involvement in China Development's management.
"Liu remains the de facto chairman," Chen said when she was first introduced to the media in a press conference on Wednesday. "I'm here to carry out business plans that were previously mapped out by Liu."
Despite being half Liu's age and a novice in the investment business, Diana Chen served as a board member to the China Development Industrial Bank (
As one of the biggest shareholders at China Development, Lilontex designated Diana Chen and her uncle, Chen Ming-hsiang (
Diana Chen returned to Taiwan in 1997 with an MBA from California's Claremont Graduate University and headed the direct investment department at Lilontex, beginning her career in the venture-capital business.
"I find the venture-capital bus-inesses very challenging and welcome such challenges to target star industries and make investments," she said on Wednesday, trying to focus the media's attention on her professional talent after taking over the chairmanship.
"I may be young, but I am very professional," Chen said.
Diana Chen's family-run business, which started on Taipei's Tihua Street, owns over NT$10 billion in assets, according to media reports.
The media have been keen to learn details of the private life of this young and good-looking chairperson, reporting that Chen is seeing a boyfriend two years younger than she is and is ready to get married soon. Such gossip, however, has scared her away from the media during her first few days of fame.
Keeping a low profile, Chen refused to comment on her private life for fear of her professionalism being ignored.
A family friend complained that the media pays too much attention to her looks.
"She is actually a very calm and seasoned businesswoman with a great deal of talent," said Day Sheng-tong (
Although Diana Chen tried hard to reassure investors that she's capable of leading the NT$107 billion company, her professionalism remains to be seen.
But Kevin Hsu (
Hsu said that Chen has experience as an investment adviser, adding she has worked closely with the company's executives in her capacity as a board member.
"You have to be a fast learner at China Development," Hsu said. "I am sure she has learned a lot, having reviewed tens of investment projects each year while sitting on the company's board."
Hsu added that China Development has confirmed Liu's business plans, even in his absence.
"No significant policy changes will take place to harm the company's performance," he said.
Saying Chen is an easygoing person and easy get along with, Hsu said that he believes the new chairwoman will allow professional managers to take charge.
Diana Chen has hired back former China Development executive vice president Chen Kun-yung (
Lin Chun (林軍), the 54-year-old president of China Venture Manage-ment Inc (開發科技顧問), a wholly owned China Development venture capital subsidiary, will also come to her aide by taking up the post as the company's temporary president in Liu's absence.
Chen's time as chairwoman will end the moment Liu is released since China Development has claimed it will not replace Liu and expects Liu to launch an appeal to clear his name soon.
But if Liu remains in detention for a long time, a power struggle will be inevitable in the company, market watchers warned.
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