Taipei, Eastern Broadcasting Co. (EBC) Chairman Lin Wen-yuan (林文淵) was elected chairperson of Tatung Co. on Monday, the first time a person not related to company founder Lim Siong-chi (林尚志) has held the post.
Lin was elected to head Tatung at a meeting of a new nine-member board of directors at which he received unanimous support.
Speaking at a news conference following the meeting, Lin called for unity and pledged to reinvigorate the image of the century-old home appliance company.
While announcing that former chairperson Lin Kuo Wen-yen (林郭文艷) will be invited to serve as the company’s honorary chairperson — a proposal made by a board member that received overwhelming approval, Lin promised that all decisions will be made jointly by the board directors.
The new chairman said that the company will adopt a new business strategy with a focus on land development though there are no plans to sell any land holdings.
At an Oct. 21 interim shareholders meeting, activist investors known as the “market faction” took control of Tatung, unseating Tatung Chairwoman Lin Kuo as head of the household appliance maker.
Activist investors led by Shanyuan Group Chairman Wang Kuang-hsiang (王光祥) and Hsin Tung Chairman Lin Hung-hsin (林宏信) won five of six seats on the Tatung board of directors and two independent directors seats at the shareholders’ meeting, indicating a change of management and requiring the election of a new chairperson to replace Lin Kuo within 15 days.
The formation of the new board of directors brought to an end the struggle between Lin Kuo’s family and the market faction over control of Tatung, which owns large valuable landholdings in northern Taiwan.
Source: Focus Taiwan News Channel