- CEO of CSBC Corporation has voluntarily taken a major salary cut.
- He will receive a minimum salary of TWD23,800 ($810) until the company returns to profit.
- CSBC posted a net loss of TWD1.78bn ($59m) for the year of 2019.
- CSBC has an order book of 10 commercial vessels made up of eight containerships.
- It also has one heavy-lift vessel and one wind farm installation vessel.
According to an article published in Splash 247 and authored by Jason Jiang, Cheng Wen-Lon, the chairman of Taiwan’s flagship shipbuilder CSBC Corporation, has voluntarily taken a major salary cut in order to help the company through financial difficulties.
CEO takes salary cut
Cheng announced that he would be giving up his senior management monthly salary of around TWD250,000 ($8,513) from August and will only receive the company’s minimum salary of TWD23,800 ($810) until the company returns to profit.
In January, Cheng sent an application to Taiwan’s Ministry of Economic Affairs to resign after CSBC posted a net loss of TWD1.78bn ($59m) for the year of 2019, the fourth consecutive year that the shipyard has suffered losses. Later Cheng withdrew the resignation application.
Keen to diversify portfolio
VesselsValue data shows CSBC currently has an order book of 10 commercial vessels made up of eight containerships, one heavy-lift vessel, and one wind farm installation vessel.
CSBC has also been making efforts to diversify its business, having set up a joint venture with Belgian company DEME to serve the emerging offshore wind industry in Taiwan.
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Source: Splash247News
