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Chunghwa Telecom conducts major senior management shakeup

By Sara Barker
Wed 9 Aug 2017
FYI, this story is more than a year old

Chunghwa Telecom’s management team has received a shakeup, with three major executive appointments.

The company’s Board of Directors announced that Shui-Yi Kuo is now chief financial officer; Ronald Song as chief investment officer; and Fu-Kuei Chung as the chief audit executive.

"I believe these new senior management team members will bring fresh perspective to the company's financial operation and strategic investment. By leveraging their professional experience and strategic vision, they will provide strong financial and operational support to our business,” comments Chunghwa Telecom Chairman, Yu Cheng.

Shui-Yi Kuo formerly served as the chief investment officer and senior executive vice president, as well as vice president of the investment and accounting departments at Chunghwa Telecom headquarters.

Ronald Song was previously president of Chunghwa Investment Co., a subsidiary of Chunghwa Telecom. He has also worked as senior management in several global investment banks, and concentrated on strategic planning and M&As.

Fu-Kuei Chung is also chairman of Chunghwa subsidiary company, Taiwan International Standard Electronics. He has previously worked at Chunghwa Telecom in roles that oversaw sever magor business and operational functions.

Chunghwa Telecom is a major telecom service provider in Vietnam, providing fixed line, mobile, broadband and internet services to customers. It also provides ICT services to corporate customers.

Last month, the company released its Q2 2017 financial results, which showed a 0.9% drop in total revenue to NT$55.67 billion.

The company experienced increases in internet revenue (increase of 4.4% to 7.08 billion), mobile communications (increase of 1.2% to $26.79 billion) and mobile value-added services (increase of 4.5% to $10.81 billion).

Operating costs and expenses rose 0.1% to $10.44 billion and domestic fixed communications revenue dropped 7.4% to $16.99 billion.

“The second quarter of 2017 was another quarter of stable financial and operating performance, during which we experienced in-line revenue and better-than-expected profits. In our mobile business, we maintained our leadership position with 37.3% market share in mobile subscribers and 37.2% market share in mobile revenue, as well as the lowest churn rate in the market,” comments Yu Cheng.

In January, the company predicted that this year there would be a drop in voice revenue, but an increase in mobile revenue.

Yu Cheng says there were market challenges, the company is confident it can strengthen market leadership and create incremental shareholder value.

“Going forward, we remain committed to building upon our competitive advantages, offering reliable, customized and comprehensive ICT solutions to our enterprise customers and establishing a comprehensive ecosystem in this sector,” Yu Cheng concludes.

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