Tatung chairman resigned – Taipei Times

SIGNIFICANT ASSETS:
After 20 Years Without Dividend Payments, Wang Kuang-hsiang Said “Tatung Shareholders Are Like Poor People Sitting In A House Of Gold”

  • By Angelica Oung / Journalist

Tatung Co Chairman (大同) Lu Ming-kuang (盧明光) and Chairman Chaney Ho (何春盛) announced their resignations yesterday, adding further uncertainty to the struggling conglomerate that has undergone several changes in its management team since last year.

When he took the job late last year, Lu, 72, had considered implementing a five-year plan to turn the business around before retiring again. Yesterday he said he was proud of what he had accomplished since returning to the company.

“I didn’t do badly on behalf of the biggest shareholder, employees or investors who came because they believed in my management team,” Lu said at a press conference in Taipei.

Photo: ANC

Lu came out of retirement to take office as president in December last year after his predecessor, Lin Wen-yuan (林文淵), stepped down after 50 days in office amid a disagreement with the main shareholder of the Shanyuan group (三 圓 建設) chairman. Wang Kuang-hsiang (王光祥).

Under Lu’s leadership, Tatung’s nine business units have all returned to profitability, Ho said.

“We did our best to save Tatung,” said Ho, who joined the company in June. “We took a business that was going backwards and turned it into a business that was growing slowly. “

However, this was not enough for Wang, who yesterday thanked, congratulated and greeted Lu and Ho, before escorting them out of the press conference.

It is time for Tatung to start paying a dividend again and develop its substantial real estate assets, said Wang, director of Tatung and chairman of the company’s real estate subsidiary, Shan Chih Asset Development Co (尚志 資產 開發).

“Tatung’s shareholders are like poor people sitting in a golden house,” Wang said.

There are rumors that Wang is likely to take over the chairmanship of Tatung when the company holds a board meeting on Tuesday next week.

“We will now comprehensively develop our real estate portfolio, our renewable energy business and our electric bus,” said Wang. “Chairman Lu was hardworking and conscientious, but it has been 20 years since Tatung paid a dividend, we will not let our investors wait for another five.”

Chung Yi-wen (鍾 依 文), who gave way to Ho in June, is expected to resume his duties as chairman.

“The fundamental principle of business is profitability,” said Chung.

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