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English Translation:
TECO’s founding shareholder supports reform camp Eugene Huang, calling that the future development should take larger steps forward and have a more precise strategic focus
Electrical manufacturing giant TECO will undergo a board re-election on May 24, 2024, with 19 candidates vying for 11 director positions. The competition pits nominees from three major shareholders of the corporate camp—PJAM Lin family, Walsin Lihwa Chiao family, and Ted Huang—against the reform camp led by Ted Huang’s son, Eugene Huang, Chairman of Creative Sensor Inc. Li-Chong Huang, a nominated director and one of the representatives of the founding shareholder family, reiterated in a Facebook post today that TECO needs to take larger steps forward among competitors and adopt a more precise strategic focus to have a chance at success.
The corporate camp candidate list includes financial heavyweights such as Ron-Jin Shen, Chairman of Taiwan Financial Holding, and Ming-Shien Li, Chairman of CTBC Bank, with Ming-Shien Li widely seen as a potential new Chairman. The corporate camp highlighted that their nominees are professionals with extensive management experience in high-level corporate and organizational operations, most of whom also have practical experience in promoting sustainable development (ESG).
The reform camp’s nominees include current director Li-Chong Huang, Chih-Yuan Hou, Song-Ren Fang, and newcomer Liang-Chien Chen, along with independent director candidates Yu-Hsuan Wu, Ming-Shiuan Lee, Chao-Ching Huang, and Po-Min Yang. Regarding the corporate camp’s high-profile financial candidates, Eugene Huang previously stated, “We welcome anyone and anything that can help TECO”.
Li-Chong Huang, a supporter of Eugene Huang and a current director, posted on Facebook today under the theme “Facing Blind Spots and Preparing for the Future,” declaring that the company must take larger steps forward among competitors. He mentioned the inclusion of a new preparatory item in this year’s sustainability index evaluation: “Company AI Policy and its ESG Applications.” Highlighting the significance of AI, he referenced collaborations like Rockwell and Nvidia, ABB’s blueprint for AI applications, and WEG’s acquisition of a software company. Internally, the company has initiated digital competitions to gather feasible ideas from colleagues, but the board needs to intensify efforts to set directions from a higher perspective and nurture budding ideas with guided sunlight.
Li-Chong Huang also stressed the need for the company to focus more clearly. He noted that foreign shareholder ratio has decreased from 18.4% in 2020 to 5.9% this year, with Marathon citing disappointment in 2022 due to TECO’s excessive diversification and lack of significant change.
“Focus” is the only solution and the current expectation of investors, according to Li-Chong Huang. The board should continue to concentrate on TECO’s founding core and specialty, fulfilling its role as a synonym for sustainable power. He also hopes the company will review itself and perform better in the next three years as everyone celebrates TECO’s 70th anniversary together.
Regarding TECO’s new vision, Eugene Huang revealed, “From traditional industry to future mobility, from healthcare to clean energy, wherever there is motion, that’s where TECO must be. But to pursue that future, TECO must become far more focused and innovative, with a transformed product mix and an open innovation strategy. The global motion industry is undergoing a once-in-50-years revolution. TECO will either shift gears with it—or be left behind. The choice is ours.” He urged small shareholders to support the nominees proposed by the reform camp.