Confidante of Taiwan president to take over as Taipei 101 president: reports

Angela Chang used to head the Thinking Taiwan Foundation

Taipei 101.

Taipei 101. (By Central News Agency)

TAIPEI (Taiwan News) – Angela Chang (張振亞), a former chief executive director of President Tsai Ing-wen’s (蔡英文) Thinking Taiwan Foundation (小英基金會), is set to be elected president of Taipei 101 at a board meeting scheduled for Wednesday, according to media reports.

Chang also served as CEO of the Taiwan branch of pharmaceuticals giant Johnson & Johnson, and both she and her husband, the chairman of Taiwan Sugar Corporation, are known as close supporters of President Tsai, the Apple Daily reported Tuesday.

The owner of Taipei 101, officially known as Taipei Financial Center Corporation, said it received a letter announcing a board meeting for Wednesday morning at which incumbent President Chen Shih-ming (陳世明), who hails from the Mega financial group, would be replaced by Chang, the Apple Daily wrote.

The position of Taipei 101 Chairman Chou Te-yu (周德宇) was not at stake in the imminent reshuffle, reports said, as he still has to oversee the transition of the company from one major shareholder to another.

After Ting Hsin International became embroiled in numerous food safety scandals in 2013 and 2014, it tried to offload its 37.17-percent stake in Taipei 101, but initially without much success.

At present, Japanese trading house Itochu Corporation (伊藤忠) is in the process of acquiring Ting Hsin’s stake for NT$19.3 billion (US$632 million), but as the deal has not been completed yet, Chou will likely stay on as Taipei 101 chairman, according to the Apple Daily.