Although he triumphed in the boardroom war for the presidency of China Development Financial Holding Corp (中華開發金控), Angelo Koo (辜仲瑩) -- the second son of Chinatrust Financial Holding Co (中信金控) chairman Jeffrey Koo (辜濂松) -- has a lot to do to prove he's the right boss for the financial giant.
"To secure his throne, Koo had better increase his stake [in China Development] to some 25 percent, which will cost him over NT$40 billion," said William Lin (林蒼祥), a professor of finance at Tamkang University and a former board member of the financial-service company.
Lin said that Koo needs to organize a top-tier management team as soon as possible by hiring newcomers while retaining part of the company's existing financial staff to stabilize morale.
PHOTO: LIAO CHENG-HUI, TAIPEI TIMES
So far, the 39-year old Koo, who doubles as chairman of China Development Industrial Bank (
With full support from the Ministry of Finance, Koo will be given more power to take charge of the company's operations in preparation for a full takeover in three years, Lin said.
Koo's former colleagues were supportive, saying that he is a very capable business leader.
"He has made his father -- a senior banker -- very proud of him," said a China Development board member nominated by KGI Securities Co (
The board member, a venture capitalist and senior manager at one of Chinatrust's affiliates, has worked closely with Jeffrey Koo for years.
Others were willing to praise the younger Koo publicly.
"He is probably the most aggressive boss I've ever worked with," said Jeff Wang (王貞海), head of KGI's regional brokerage, who has worked closely with Angelo Koo for more than three years.
After graduating from the Wharton School of the University of Pennsylvania, Koo plunged himself into the family-run businesses at age 29 and turned KGI's net assets from approximately NT$2 billion in 1997, when he took over, to over NT$20 billion today.
Wang said that younger Koo's policy-making style is very teamwork-oriented.
"He is highly respectful of professional opinions and fully authorizes employees to take charge. But he is very strict with employees' performance," Wang said.
Koo could be ruthless and bold in recruiting new talent -- at high salaries -- to replace poorly performing employees, he said.
Wang said the younger Koo is a very persuasive financial-talent scout.
"Good at portraying his vision, Koo can easily recruit almost anyone he is interested in hiring," Wang said, adding that the younger Koo should have no problem put-ting together a top management team at China Development in the near future.
According to the anonymous board member, Jeffrey Koo emphasized the importance of two key business principles to his two sons -- treat your employees well and refrain from cronyism.
The board member said the younger Koo will be able to work smoothly with China Development's government-appointed chairman, Chen Mu-tsai (陳木在), since he respects not only the professionalism, but also seniority.
In private, the younger Koo is a "shy" person, low-key and not very talkative, according to Wang.
TECH CLUSTER: The US company’s new office is in the Shalun Smart Green Energy Science City, a new AI industry base and cybersecurity hub in southern Taiwan US chip designer Advanced Micro Devices Inc (AMD) yesterday launched an office in Tainan’s Gueiren District (歸仁), marking a significant milestone in the development of southern Taiwan’s artificial intelligence (AI) industry, the Tainan City Government said in a statement. AMD Taiwan general manager Vincent Chern (陳民皓) presided over the opening ceremony for the company’s new office at the Shalun Smart Green Energy Science City (沙崙智慧綠能科學城), a new AI industry base and cybersecurity hub in southern Taiwan. Facilities in the new office include an information processing center, and a research and development (R&D) center, the Tainan Economic Development Bureau said. The Ministry
ADVERSARIES: The new list includes 11 entities in China and one in Taiwan, which is a local branch of Chinese cloud computing firm Inspur Group The US added dozens of entities to a trade blacklist on Tuesday, the US Department of Commerce said, in part to disrupt Beijing’s artificial intelligence (AI) and advanced computing capabilities. The action affects 80 entities from countries including China, the United Arab Emirates and Iran, with the commerce department citing their “activities contrary to US national security and foreign policy.” Those added to the “entity list” are restricted from obtaining US items and technologies without government authorization. “We will not allow adversaries to exploit American technology to bolster their own militaries and threaten American lives,” US Secretary of Commerce Howard Lutnick said. The entities
Minister of Finance Chuang Tsui-yun (莊翠雲) yesterday told lawmakers that she “would not speculate,” but a “response plan” has been prepared in case Taiwan is targeted by US President Donald Trump’s reciprocal tariffs, which are to be announced on Wednesday next week. The Trump administration, including US Secretary of the Treasury Scott Bessent, has said that much of the proposed reciprocal tariffs would focus on the 15 countries that have the highest trade surpluses with the US. Bessent has referred to those countries as the “dirty 15,” but has not named them. Last year, Taiwan’s US$73.9 billion trade surplus with the US
The Taipei International Cycle Show (Taipei Cycle) yesterday opened at the Taipei Nangang Exhibition Center, with the event’s organizer expecting a steady recovery in the industry this year following a tough last year. This year, 980 companies from 35 countries are participating in the annual bicycle trade show, showcasing technological breakthroughs and market development trends of the bicycle industry at 3,600 booths, the Taiwan External Trade Development Council (TAITRA, 外貿協會) said in a statement. Under the theme “Ride the Revolution,” the exhibition has attracted more than 3,500 international buyers from 80 countries to preregister for the four-day event, which is expected to
RSS