Federal Corporation chairman resigns

On 18 November, Federal Corporation stated that Chiang Ching Hsing, the company’s chairman and general manager, resigned. Chen Heng Kuan, who is also chairman and president of Nankang, held his position. According to analysts, both Chiang Ching Hsing and Chen Heng Kuan are representatives of Nankang Rubber on the Federal Corporation’s board of directors, and Chiang Ching Hsing’s departure will not bring about a massive change in Federal Corporation.

According to previous news reports, Chiang Ching Hsing was the chairman of Nankang Rubber from 2014 to 2017. In the process of Nankang Rubber increasing its holdings of Federal Corporation’s stock and becoming its major shareholder, Chiang Ching Hsing joined Federal’s board of directors and later served as the chairman.

According to the information released by Federal Corporation, Chen Heng Kuan’s previous position was the leading lawyer of Kuan & Tien Attorneys-at-law. On 8 November 2022, he was appointed to the board of directors of Federal Corporation as the representative of Nankang Rubber.

Federal Corporation had a forgettable financial performance in 2022. The latest data shows that from January to September, the tyre company’s operating revenue was NT$1.265 billion (about £34.16 million; 39.28 million euros), with a loss of NT$442 million (about £11.93 million; 13.72 million euros).