Source: Taipei Times
China Steel Corp (CSC, 中鋼) yesterday announced that its board of directors has elected to call a former company president out of retirement to fill a leadership gap, setting a precedent in the firm’s 47-year history.
Lin Horng-nan (林弘男), a board member, is to double as company president for no more than one year and oversee the firm’s succession plans in the interim, China Steel said in a statement.
Lin’s appointment comes at a time when a large part of the company’s management is approaching retirement age, it said.
Many are facing retirement in one or two years, which has posed a challenge for the company, as the age of its upper and middle management are about the same, it said.
China Steel is also at a crucial stage as it pursues advanced manufacturing, plant and equipment upgrades, and higher standards in environmental conservation, it said.
Lin, who had filed for retirement at the end of last month, said that he welcomes the challenge of preparing new candidates to take the helm.
To meet legal requirements and the company’s rules, Lin would not draw a wage and benefits while serving as president, the company said.
The board also approved a plan to spend NT$988 million (US$31.9 million) over the next three years to upgrade aging equipment at the company’s hot-rolled steel production plant.
The investment would replace the plant’s 30-year-old equipment and help produce higher quality products more efficiently, China Steel said.