Leadership reshuffle imminent at Sanyang Industry Co.
By Ted Chen, The China Post
June 19, 2014, 12:00 am TWN
TAIPEI, Taiwan -- A reshuffling in the leadership at Sanyang Industry Co. (三陽) is expected to take place following the company's shareholders' meeting yesterday, with a market-aligned faction poised to oust current executives after taking five of nine board of directors' seats.
Sanyang yesterday held a board of directors' election yesterday, settling a long-entrenched feud between the families of the company's two founders. With the support of investment companies, a market-aligned faction headed by Chang Hong-chia (張宏嘉), a descendent of Sanyang co-founder Chang Kuo-an (張國安) who parted ways with the company in 1986, is poised to retake control of the firm, and poised to diminish the role of current Chairwomen Huang You-mei (黃悠美), a descendant of Sanyang co-founder Huang Ji-jun (黃繼俊).
In addition, the market-aligned faction also managed to secure a seat on the company's supervisory board.
Most notably, shareholders participating in yesterday's event were subjected to stringent security checks, lining up through a maze of barricades set up by Sanyang's current management team. The board of directors' election also saw a lengthy delay, taking about eight exhaustive hours before the final results were announced early yesterday evening.
Chang Hong-chia stated that he intends to collaborate with Huang You-mei in guiding the company.