BITTER:TPPC said it will not distribute dividends this year after last month’s brush with delistment, following a refusal by its then-chairman to sign an earnings report
Date: Mar 14, 2017
By: Kuo Chia-erh / Staff reporter
Unprofitable Taiwan Pulp and Paper Corp (TPPC, 台灣紙業) yesterday elected a new board of directors and chairman after an extraordinary shareholders’ meeting ousted the former chairman, ending an embittered management battle.
Board director Hsu Liang-yu (許良宇), a lawyer, won the chairmanship from Chien Hung-wen (簡鴻文) in Tainan yesterday with 57.09 percent attendance at the meeting.
Chien was accused of improper leadership by TPPC president Yu Mei-ling (余美玲). The long-standing dispute between the two about the company’s management strategy became a proxy fight at the beginning of the year.
Board members siding with Yu yesterday won five seats on the six-member board, while Chien’s family, which has a more than 20 percent stake in TPPC, gained only one seat.