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May 26, 2017

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FPG owners to hand over conglomerate's management

TAIPEI, Taiwan -- The Wang family, the founders of conglomerate Formosa Plastics Group (FPG, 台塑), is planning to withdraw from the group's management team in June to focus on the business empire's ownership.

Wang Wen-yuan (王文淵), president of FPG, said in a news conference on Thursday that he and three other family members will leave the group's executive center next month, while the group will hire professional managers to run the day-to-day operations of the group.

The three family members are Formosa Plastics Corp. (台塑) Vice President Wang Jui-hua (王瑞華), Formosa Managing Director Wang Jui-yu (王瑞瑜) and FPG Executive Center Commissioner Wang Wen-chiao (王文潮).

Wang Jui-yu said that the group's two founders had made it a policy for the running of the conglomerate to be handed over one day to professional managers for the sake of sustainable development.

FPG was founded by Wang Yung-ching (王永慶) and his younger brother Wang Yung-tsai (王永在) in 1958. The older Wang died in 2008, while the younger Wang died in 2014.

Wang Wen-yuan and Wang Wen Chiao are Wang Yung-tsai's sons, while Wang Jui-hua and Wang Jui-yu are Wang Yung-ching's daughters. The four are the second generation of the Wang family to run FPG.

In addition to Formosa Plastics, FPG owns a number of subsidiaries, including Nan Ya Plastics Corp. (南亞), Formosa Chemicals & Fibre Corp. (台化), Formosa Petrochemical Corp. (台塑化) and Formosa Ha Tinh Steel Corp., which is the group's joint steel venture, located in Vietnam.

Wang Wen-yuan, who is 69 years old, said that the executive center will be run by professional managers from the five major subsidiaries, but added that in a transition period, he will remain head of the executive center to make sure the center can operate smoothly.

The executive center kicked off in July 2001 to run a five-member commission to oversee the group's operations and the commission expanded to seven members in 2006 and to nine in 2011.

Although Wang and the other three family members will withdraw from the executive center and hand over the group's day-to- day operations, they will form another committee to supervise major investments in the group, Wang Jui-yu said.

She said that any investment worth more than NT$3 billion (US$99.34 million) will need approval from the committee.

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