CSBC chairman takes pay cut until company returns to profit

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.

Cheng announced that he would be giving up his senior management montly salary of around TWD250k ($8,513) from August and will only receive the company’s minimum salary of TWD23.8k ($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.

VesselsValue data shows CSBC currently has an orderbook of ten 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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