EVA Airways Corp (長榮航空) chairman Chang Kuo-wei (張國煒) was removed from his post yesterday, in the latest fallout from an escalating struggle between heirs to Evergreen Group (長榮集團) founder Chang Yung-fa (張榮發) as they vie to control the NT$400 billion (US$12.14 billion) shipping and transportation conglomerate.
Former Evergreen Steel Corp (長榮鋼鐵) chairman Steve Lin (林寶水) has been tapped to take the helm at EVA Airways following an extraordinary board meeting, the nation’s second-largest airline said in a regulatory filing.
Lin, a 40-year veteran at Evergreen Group, had served as chairman of EVA Airways between 2005 and 2011.
Photo: Wang Yi-hung, Taipei Times
During Lin’s chairmanship, the airline weathered the global financial crisis and then-surging oil prices, recording earnings per share of NT$3.69 for 2010.
“In light of ongoing disputes, the board has decided to return management control of EVA Air to an industry expert,” Lin said at a news conference at the Taiwan Stock Exchange Corp.
In a statement issued through his lawyer, Chang Kuo-wei raised concerns about possible disruption to the airline’s operation following a sudden change in leadership.
He also questioned whether the process conforms to procedural compliance, according to the statement.
Chang said in the statement he regretted that the executors of his father’s will and other heirs had gone against the wishes of the late Chang Yung-fa, who passed away on Jan. 20.
The succession battle between heirs to the conglomerate began when Chang Kuo-wei last month revealed a will left by his father, before the family agreed on the succession issue.
Chang Kuo-wei said that his father’s will had named him as successor to the Evergreen Group chairmanship and sole inheritor of Chang Yung-fa’s estate, worth billions of New Taiwan dollars.
Subsequently, Chang Yung-fa’s eldest son, Chang Kuo-hua (張國華), led his two brothers by his father’s first wife in leveraging their 16.31 percent combined stake in EVA Airways to challenge Chang Kuo-wei’s claim, backed by a smaller 14.37 percent stake.
Using their superior controlling stake, an extraordinary board meeting late last month was called to dissolve the group’s top management team, effectively ending Chang Kuo-wei’s one-day reign as Evergreen Group chairman.
The family feud continued, with the elder Chang brothers holding yet another extraordinary board meeting to remove Chang Kuo-wei’s chairmanship at EVA Airways.
In an interview with the Chinese-language Apple Daily, Chang Kuo-wei said that he did his best to carry out his father’s will, and that he will let others assess his track record at EVA Airways.
Looking ahead, Chang said that he has no regrets, and plans to take a break from the aviation industry, the newspaper quoted him as saying.
ACTION PLAN: Taiwan would expand procurement from the US and encourage more companies to invest in the US to deepen bilateral cooperation, Lai said The government would not impose reciprocal tariffs in retaliation against US levies, President William Lai (賴清德) said yesterday, as he announced five strategies to address the issue, including pledging to increase Taiwanese companies’ investments in the US. Lai has in the past few days met with administrative and national security officials, as well as representatives from various industries, to explore countermeasures after US President Donald Trump on Wednesday last week announced a 32 percent duty on Taiwanese imports. In a video released yesterday evening, Lai said that Taiwan would not retaliate against the US with higher tariffs and Taiwanese companies’ commitments to
Intelligence agents have recorded 510,000 instances of “controversial information” being spread online by the Chinese Communist Party (CCP) so far this year, the National Security Bureau (NSB) said in a report yesterday, as it warned of artificial intelligence (AI) being employed to generate destabilizing misinformation. The bureau submitted a written report to the Legislative Yuan in preparation for National Security Bureau Director-General Tsai Ming-yen’s (蔡明彥) appearance before the Foreign Affairs and National Defense Committee today. The CCP has been using cognitive warfare to divide Taiwanese society by commenting on controversial issues such as Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) investments in the
HELPING HAND: The steering committee of the National Stabilization Fund is expected to hold a meeting to discuss how and when to utilize the fund to help buffer the sell-off The TAIEX plunged 2,065.87 points, or 9.7 percent, to close at 19,232.35 yesterday, the highest single-day percentage loss on record, as investors braced for US President Donald Trump’s tariffs after an extended holiday weekend. Amid the pessimistic atmosphere, 945 listed companies led by large-cap stocks — including Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), Hon Hai Precision Industry Co (鴻海精密) and Largan Precision Co (大立光) — fell by the daily maximum of 10 percent at the close, Taiwan Stock Exchange data showed. The number of listed companies ending limit-down set a new record, the exchange said. The TAIEX plunged by daily maxiumu in just
‘COMPREHENSIVE PLAN’: Lin Chia-lung said that the government was ready to talk about a variety of issues, including investment in and purchases from the US The National Stabilization Fund (NSF) yesterday announced that it would step in to staunch stock market losses for the ninth time in the nation’s history. An NSF board meeting, originally scheduled for Monday next week, was moved to yesterday after stocks plummeted in the wake of US President Donald Trump’s announcement of 32 percent tariffs on Taiwan on Wednesday last week. Board members voted to support the stock market with the NT$500 billion (US$15.15 billion) fund, with injections of funds to begin as soon as today. The NSF in 2000 injected NT$120 billion to stabilize stocks, the most ever. The lowest amount it
RSS