WATCH ANOTHER FATAL ESCALATOR ACCIDENT:
Taiwan Cement Chairman and Chief Executive Leslie Koo Cheng-yun passed away on Monday after a fall.
- Brother-in-law Nelson Chang takes over reins, expresses optimism for 2017
TAIPEI -- Leslie Koo Cheng-yun, chairman and chief executive of Taiwan Cement, the island's top cement maker and the sixth largest in China, passed away on Monday a day after he sustained serious injuries from falling down a flight of stairs at a Taipei hotel. He was 62.
Following Koo's death, Nelson Chang, husband of Koo's younger sister, has been appointed by the company board to be the new chairman and chief executive, according to Taiwan Cement. Chang has long been a board member at the company.
Speaking to local reporters on Monday, Chang praised Koo's leadership.
"We feel deeply sorry about the accident that was so unexpected... Chairman Koo was a great and beloved leader. Under his disciplined and excellent leadership, the company has a very solid foundation," Chang said.
"We will execute what he has planned for 2017. As for the industry outlook for the overall cement industry, we believe the year 2017 will be definitely better than 2016."
Shares of Taiwan Cement opened lower but closed 2.29% higher at NT$35.75 New Taiwan dollars on Monday.
Taiwan Cement, along with the company's listed affiliates Taiwan Prosperity Chemical and China Synthetic Rubber, have a combined market capitalization of NT$154.78 billion ($4.92 billion).
Taiwan Cement, along with the company's listed affiliates Taiwan Prosperity Chemical and China Synthetic Rubber, have a combined market capitalization of NT$154.78 billion ($4.92 billion).
Born on Nov. 28, 1954, into a Taiwanese business dynasty, Koo Cheng-yun was the second son of the late tycoon Koo Chen-fu. Koo senior served as Taiwan's chief representative in the island's first-ever high-level dialogue with China in 1993 after the two sides split amid a civil war in 1949.
Taiwan Cement Corp. Group, controlled by the Koo family, has 17 affiliates in various sectors including biotech, construction, chemical products and garbage recycling. Taipei-listed Taiwan Cement is the group's flagship company.
The family has extensive business interests in Taiwan. The island's leading financial group CTBC Financial Holding is currently controlled by Koo's nephew Jeffrey Koo Jr.
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