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

TECO has recently convened its new board of directors meeting to elect its new chairman. The meeting yielded significant changes in the company’s leadership structure, marking a noteworthy development for stakeholders and the industry at large.

On May 31, 2024, TECO convened its new board of directors meeting to elect the chairman. Initially, the board re-elected Sophia Chiu for the position. Subsequently, Sophia Chiu recommended 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 developmental responsibilities and overseeing internal operations to ensure stable performance.
Over the past three years, Sophia Chiu and 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.

Key Achievements Under Chiu’s Leadership

• Global Supply Chain Optimization: Strengthened TECO’s global supply chain.
• Electrification Ecosystem Expansion: Actively expanded in areas such as renewable energy, energy storage, and electric vehicle systems.
• Integration with Westinghouse: Utilized North American resources to develop the green mobility business.
• Record Market Performance: Achieved record revenues nearing NT$60 billion in 2023 with the market capitalization exceeding NT$100 billion.

Conclusion

With Sophia Chiu handing over to Chairman Morris Li, the focus will be on continuing the development while maintaining talent stability and respecting TECO’s existing culture and heritage. Morris Li, with his multinational financial management experience and balanced personality, plans to leverage TECO’s technological advantages to develop new energy-efficient products, aiming to capture 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 the diverse and specialized backgrounds of the board members and intends to rely on their experience to aid the smooth operation of the new board. This strategic alignment with global green energy trends and international presence is set to elevate TECO’s standing in the market.