TECO Appoints Morris Li as New Chairman, Sophia Chiu Promoted to Vice Chairman of the TECO Group

TECO (Stock code: 1504) convened its new board of directors meeting today (31st) to elect the chairman. Initially, the board re-elected Sophia Chiu as the chairman, but she declined due to personal reasons. Subsequently, Sophia Chiurecommended Morris Li for the chairman position, which was approved by the board. Following TECO's tradition of leadership succession, Chiu was promoted to Vice Chairman of the TECO Group to assist the new chairman in smoothly taking over the company's development responsibilities and overseeing internal operations to ensure stable performance. The newly appointed chairman,Morris Li, aims to reach new operational heights through collaboration with the new board members.

Over the past three years, Chiuand her management team have progressively strengthened TECO's global supply chain and actively expanded the overseas electrification ecosystem. This includes renewable energy generation, energy storage, microgrid distribution, electric vehicle powertrain systems, and charging systems. They also integrated resources and networks from TECO's North American Westinghouse Motor Company to build a green mobility business. Under Chiu's leadership, TECO has strategically shifted towards electrification and new energy, injecting growth momentum into operations, with a market capitalization exceeding NT$100 billion and revenue approaching NT$60 billion in 2023, achieving record highs in both revenue and profit. The new board profoundly appreciates Chiu's dedicated contributions, which have set multiple milestones for TECO and enhanced its global standing and brand value.

With Chiu handing over to Chairman Li, who has multinational financial management experience and a balanced and harmonious personality, the focus will be on development and talent stability while respecting TECO's existing culture and heritage. Li plans to leverage TECO's technological advantages to actively develop new energy-efficient products, capturing opportunities in the low-carbon market. The synergy between core products and emerging green energy products, combined with TECO's global industrial chain, aims to enhance revenue growth, creating higher corporate value for shareholders, employees, and society.

Chairman Li emphasized that the board members possess diverse and specialized backgrounds. He intends to rely on the experience of the five re-elected directors to aid the smooth operation of the new board. Additionally, the six newly appointed directors bring expertise in multinational experience, sustainable development, renewable energy industries, digital transformation, smart manufacturing, and organizational restructuring. This new board aligns with TECO's strategic development focus and meets shareholders' expectations for adapting to global green energy trends and enhancing international presence.