According to a press release issued by the Cabinet last night, Gordon Chen tendered his resignation on Nov. 19 over what he called his inability to properly cushion the impact of the global financial tsunami on the domestic financial markets.

After allowing one week for Chen to rethink his decision, Liu approved the resignation yesterday as Chen insisted on leaving the post.

The press release also noted that the Cabinet will take advantage of Sean Chen’s ample experiences in the financial field to steer stable development of the financial system.

Sean Chen used to serve as chairman of Taiwan Cooperative Bank and Taiwan Stock Exchange Corp. and vice finance minister before assuming the chairmanship of the SinoPac Financial Holdings.

The statement further said Sean Chen, a former vice minister of finance, will succeed Gordon Chen as FSC chief.