Taiwan's Formosa Plastics Group Says Owners to Reduce Management Role
TAIPEI, May 18 (Reuters) - Formosa Plastics Group said on Thursday it will set up a management center next month to allow the owners of one of Taiwan’s biggest conglomerates to reduce their role in the management.
Members of the family that owns the group, including group chairman William Wang, Sandy Wang, Susan Wang and Alfred Wang – all of whom are of the second generation succeeding the group’s late founder and his brother – will retire from the current Group Administrative Office, according to a company statement.
The Wang family will shift decision-making for the group's major policy and investment projects to heads of the group’s units, it said.
The group, which includes Formosa Plastics Corp, Formosa Petrochemical Corp and Formosa Ha Tinh Steel Corp in Vietnam, is founded and controlled by the Wang family.
“Members of the Management Center will supervise business operations and offer advice in due course in an effort to embody the idea that ownership and management are separate entities,” the statement said. (Reporting by Faith Hung; Editing by Vyas Mohan)
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