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Wei Ying-chiao resigns from Taipei 101(China Post (Taiwan) Via Acquire Media NewsEdge) The Ministry of Finance yesterday acknowledged the resignation of Wei Yingchiao, chairman of Ting Hsin International Group one of the main culprits behind the ongoing food safety crisis from his post as vice chairman and CEO of Taipei Financial Center Co., which operates the landmark Taipei 101 skyscraper. A Taipei Financial Center Co. spokesperson announced that Chairwoman Christina Sung will be serving as the interim CEO of the company in the meantime. Through a statement, Deputy Finance Minister Wu Tangchieh announced that Wei's resignation took effect immediately, and Sung will be taking over the duties of CEO for the next three months. Wu noted that aiming to preserve the highprofile landmark's public image, Wei had heeded the recommendations of Sung, who was speaking on behalf of Taipei 101's governmentaffiliated stakeholders in urging Wei's resignation. The directors of the Taipei Financial Center Co. yesterday morning held a board meeting discussing the matter, though Wei Yingchiao was absent as he is currently embroiled in lawsuits over his company's infractions in selling edible oils made from livestock feed ingredients. Wei Relinquishes Positions After Resistance Reports indicate that Wei had been reluctant to relinquish his CEO and vice chairman position, and had remained largely unresponsive throughout yesterday morning despite firm suggestions issued by the Ministry of Finance and a number of governmentaffiliated stakeholders of Taipei 101. According to reports, while declining to respond directly to whether he would relinquish his leadership posts at Taipei 101, Wei has issued a statement indicating that he is aware of the opinions of the public, the government and his peers in the management team and is respectful of their sentiments. Ting Hsin International Group relayed Wei's wish to decouple the actions of his brother Wei Yingchun, who leads the conglomerate's scandalridden oil and fat production from the assessment of his management acumen. Wei also issued a public statement professing his deep allegiance to Taiwan and his intent to reinvest at home the fortunes gathered across the strait, and that he will not condone personal attacks against himself or members of his family. Later in the day, Taipei 101 Chairwoman Sung noted that she understands Wei's reluctance in capitulating his position with such short notice. She also noted, however, that based on her three decades of experience in management, the abilities of leaders are not judged by performance figures alone, but must also include the ability to foster sustainable viability for the organization. Meanwhile, the Taipei Financial Center Co. yesterday announced that revenues over the first half of this year reached NT$900 million, with sales at the Taipei 101 Mall posing a strong 19percent yearonyear gain over the recent promotional sales drive season. As Ting Hsin records its third infraction in supplying tainted edible oil products, public outrage had been converging on all aspects of the conglomerate's operations. A lawmaker during a Legislative Yuan session on Monday railed against the government's oversight in allowing the Wei family to take a 37percent stake in the management company, valued at NT$5.4 billion, of which about 87 percent was funded through loans by governmentaffiliated banks, requiring an upfront cash commitment of about NT$600 million to NT$700 million. |