Thursday, August 28, 2008

Ho-chen to be replaced as CEO?

Chunghwa Telecom, Taiwan's largest phone operator, named President Lu Shyue-ching as chairman and chief executive officer to replace Ho-chen Tan, who held the posts for five years.

Senior Vice President Chang Shaio-tung will succeed Lu, 59, as president, the Taipei-based company said in an e-mailed statement. The appointments, recommended by the Ministry of Transportation and Communications, Chunghwa's largest shareholder, go into effect after board approval, the statement said.

Ho-chen, 57, formerly a vice minister at the ministry, oversaw Chunghwa's privatization, listing and overseas expansion into Japan, Singapore and Vietnam. Lu, a career civil servant, became president of the company in 1996.

Chunghwa's stock advanced about 40 percent on the Taiwan Stock Exchange under Ho-Chen, in line with the gain in the benchmark Taiex index over the same period. The shares fell 1.3 percent to close at NT$77.20 in Taipei.

Lu, who has a doctorate in electrical engineering from the University of Hawaii, was previously deputy director-general of the government department that became Chunghwa Telecom, according to the company.

Chang was previously an executive vice president in charge of Chunghwa's mobile and international businesses. He has a Master of Business Administration degree from Taiwan's National Chiao Tung University.

Can President Lu Shyue-ching be a replacement to Ho-chen Tan?