Chunghwa Telecom Announces Change of Senior Executive Vice President and Chief Financial Officer

Rhea-AI Summary

Chunghwa Telecom (CHT) has announced a change in its senior leadership. Ms. Audrey Wen-Hsin Hsu will replace Mr. Vincent Yu-Shen Chen as Senior Executive Vice President and Chief Financial Officer, effective September 1, 2024. Mr. Chen, who is returning to National Chengchi University after his secondment, was praised for his contributions over the past four years, including enhancing internal controls, implementing sustainability initiatives, and facilitating subsidiary IPOs.

Ms. Hsu, a Ph.D. holder in Accounting and Finance from Lancaster University, brings extensive academic and industry experience to the role. Chairman Shui-Yi Kuo emphasized the importance of the CFO position in connecting CHT internationally and expects Ms. Hsu to advance strategic financial management, corporate governance, and help achieve the company's vision of becoming a leading digital co-creation ecosystem and a first-rate technology group.

Positive

• Appointment of a highly qualified new CFO, Ms. Audrey Wen-Hsin Hsu, with extensive academic and industry experience
• Recognition of outgoing CFO's contributions, including improved internal controls and sustainability initiatives
• CHT ranked first in the global telecommunication industry in the 2023 Dow Jones Sustainability Index (DJSI)
• Successful IPOs of two subsidiaries: CHT Security International and International Integrated Systems Inc.

Negative

• None.

News Market Reaction – CHT

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In the trading session that priced this news, CHT gained 0.64%, reflecting a mild positive market reaction.

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Upon the Completion of Mr. Vincent Yu-Shen Chen's secondment, Ms. Audrey Wen-Hsin Hsu Will Take Over the Position

TAIPEI, Aug. 9, 2024 /PRNewswire/ -- Chunghwa Telecom Co., Ltd. ("CHT", "Chunghwa Telecom" or the "Company", TAIEX: 2412, NYSE: CHT) announced that its Board of Directors today has approved the appointment of a new Senior Executive Vice President and Chief Financial Officer (CFO). The current CFO, Mr. Vincent Yu-Shen Chen, will return to National Chengchi University after his secondment period ends. Ms. Audrey Wen-Hsin Hsu from National Taiwan University will take over the position with the new appointment set to take effective on September 1, 2024.

Mr. Shui-Yi Kuo, Chairman and Chief Executive Officer of Chunghwa Telecom, expresses his gratitude to Mr. Chen for his significant contributions over the past four years. Mr. Chen has overseen the Company's accounting, finance, and stakeholder communication efforts. During the organization transformation, he led the accounting team to revamp the internal control and cost/managerial accounting systems, significantly enhancing the quality of managerial decision and performance appraisal in the post-transformation period. As the head of the corporate governance team, Mr. Chen initiated the issuance of the first sustainability bond in the telecommunication industry in Taiwan, introduced responsible investment in short-term fund management, linked executive variable compensation with ESG outcomes, and implemented many industry-leading sustainability initiatives. These efforts helped the Company clinched the first place in the global telecommunication industry in the 2023 Dow Jones Sustainability Index (DJSI) and significantly improved its MSCI scores and ratings. Mr. Chen's engagement with domestic and international investors was also recognized by the prestigious Asian magazine, Corporate Governance Asia, earning him the title of 2024 Asia's Best CFO. On the investment front, he served as the Chair of IPO task force for CHT Security International and International Integrated Systems Inc., respectively, facilitating the listing of these two subsidiaries in the capital market. He is also the founding Chairman of Chunghwa Digital Cultural and Creative Capital, helping the Company expand into the cultural and creative industry. As Mr. Chen will return to National Chengchi University following the completion of his secondment, Mr. Kuo hopes that Mr. Chen will continue to contribute to the country and society.

The newly appointed CFO, Ms. Hsu holds a Ph.D. in Accounting and Finance from Lancaster University in the UK. She is a Certified Public Accountant in Taiwan, and has passed Level 3 of the Chartered Financial Analyst (CFA) exam in the United States.  Ms. Hsu is currently a full-time professor in the Department of Accounting at National Taiwan University. She previously served as the Associate Dean of International Affairs at School of Management, the Director of the Global MBA program, and the Secretary General of Taiwan Accounting Association. During her tenure as the Director of the Global MBA program, Ms. Hsu assisted International Business Group of Chunghwa Telecom in developing global talents. She specializes in financial accounting and had served as a long-term member of the Financial Accounting Standard Board in Taiwan and is currently a member of Financial Accounting Issues Task Force. In addition to her solid academic background, Ms. Hsu also has extensive industry experience. She has served as independent director for publicly listed company in high-tech industry sector, was a board member of Global Venture Capital Corporation, and was a director at Taiwan Insurance Guarantee Fund.

Chairman Kuo mentioned that Chunghwa Telecom is one of the few top-tier Taiwanese companies that can be publicly listed on the U.S. capital market. The CFO plays a vital role in enabling the Company to connect internationally. As business evolves, the role of the CFO must also continually advance. A top-tier company CFO should possess a strategic business mindset, integrating financial management with corporate strategy. By using financial data as a tool, the CFO should align strategy, execution, and performance, assisting the CEO in formulating and making management decisions to maximize company value.

Chairman Kuo further indicated that Ms. Hsu has extensive academic expertise and industry experience. He expects her to advance strategic financial management with a business-focus approach, assist in advancing corporate governance, and help the Company achieve its three major visions: becoming an international benchmark enterprise built upon sustainable development, becoming a leading brand of digital co-creation ecosystem, and becoming a first-rate technology group with trillions in market value.

Contact: Angela Tsai
Phone:+886 2 2344 5488
Email: chtir@cht.com.tw   

View original content:https://www.prnewswire.com/news-releases/chunghwa-telecom-announces-change-of-senior-executive-vice-president-and-chief-financial-officer-302218780.html

SOURCE Chunghwa Telecom

FAQ

Who is the new CFO of Chunghwa Telecom (CHT)?

Ms. Audrey Wen-Hsin Hsu will become the new Senior Executive Vice President and Chief Financial Officer of Chunghwa Telecom (CHT), effective September 1, 2024.

What are Ms. Audrey Wen-Hsin Hsu's qualifications for the CFO position at CHT?

Ms. Hsu holds a Ph.D. in Accounting and Finance from Lancaster University, is a Certified Public Accountant in Taiwan, has passed CFA Level 3, and has extensive academic and industry experience, including roles as a professor and independent director.

What major achievements did the outgoing CFO, Mr. Vincent Yu-Shen Chen, accomplish at CHT?

Mr. Chen improved internal controls, implemented sustainability initiatives, facilitated subsidiary IPOs, and helped CHT rank first in the global telecommunication industry in the 2023 Dow Jones Sustainability Index (DJSI).

When will the CFO transition take place at Chunghwa Telecom (CHT)?

The CFO transition at Chunghwa Telecom (CHT) will take effect on September 1, 2024, when Ms. Audrey Wen-Hsin Hsu takes over the position from Mr. Vincent Yu-Shen Chen.