Embattled heir loses board seat in Evergreen shipping

TAIPEI (The China Post/ANN) - Chang Kuo-wei seemed to be losing the war on succession after he was allegedly ousted from the board by his older half- brothers.

Chang Kuo-wei left the board of Evergreen International Storage & Transport Corp. on Wednesday (March 16), in the latest setback in his losing war of succession.

Evergreen International Storage & Transport Corp, one of Evergreen Group’s publicly traded businesses, announced a reassignment of its corporate directors and supervisors.

The shipping firm said Chang had been replaced with Wei Mao-chun, general manager of Evergreen International Storage & Transport Corp.

Chang previously held a board seat reserved for the representative of the Chang Yung-fa Foundation.

Chang’s older brothers allegedly ousted him by using their combined voting power to remove him as representative of the foundation.

Losing battle of succession

Evergreen Group founder Chang Yung-fa died on January 20, leaving a business empire and a fortune estimated at US$1.6 billion.

Infighting broke out in February when Chang, then-chairman of EVA Airways Corp (EVA), said his late father had named him chairman of Evergreen Group and sole inheritor of his estate.

Days later, the other sons of Chang Yung-fa used their voting power to dissolve the position of Evergreen Group chairman.

Chang Yung-fa’s other sons - Chang Kuo-hua, Chang Kuo-ming and Chang Kuo-cheng - together hold a majority share in Evergreen Group.

In March, Chang Kuo-wei was removed as chairman of EVA Airways and replaced with Evergreen Steel Corp. chairman Steve Lin.

Exodus of executives

The family feud has triggered a series of departures, with EVA Airways president Austin Cheng resigning on Monday.

Airways spokesman Nieh Kuo-wei has been replaced with Ko Chin-cheng, the conglomerate's representative in China.

Lin Jung-hua, who resigned as a vice chairman of Evergreen Group last month, was replaced as a supervisor of Evergreen International Storage & Transport Corp on Tuesday.

Lin, a senior executive expected to advise Chang Kuo-wei at the head of Evergreen Group, was replaced with Yeh Chia-chuan, vice chief of Evergreen Steel Corp.

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