The Central Deposit Insurance Corporation (CDIC) President, Mr. Johnson Chen, retired on January 15, 2008, and his vacant position was filled by CDIC Executive Vice President, Mr. Howard N.H. Wang. The CDIC subsequently on January 16, 2008 held a handover ceremony for the incoming and outgoing presidents, which was presided over by Mr. Teng-Cheng Liu, concurrently serving as the Administrative Deputy Minister of Finance and CDIC Chairman.
Outgoing President Mr. Johnson Chen participated in the establishment and preparatory work of the CDIC beginning in 1985, was involved in the planning and formulation of the Corporation's ordinances, and has actively promoted deposit insurance business. He has truly made many significant contributions to CDIC. After becoming President in 1998, with his rich financial experience and in accordance with government policies, Mr. Chen successfully sold eight failed financial institutions by public tender, and also allowed 45 problem community financial institutions to quietly withdraw from the market. In addition, his efforts in studying and researching deposit insurance and financial supervision proved to be very valuable, and in January 2007 he completed the legislative procedures for the partially revised Deposit Insurance Act. In addition, Mr. Chen actively participated in international activities and exchange experiences and opinions among financial supervisory agencies and deposit insurance organizations, with the result that the CDIC won the first International Association of Deposit Insurers’ (IADI) award as “the Best Deposit Insurance Organization of the Year” (2005). This significantly raised Taiwan's international status, and was a truly outstanding achievement.
Mr. Howard Wang, the newly-appointed President of CDIC, obtained his Master's degree from the Graduate School of Business Administration of National Chengchi University, and also served in the Central Trust of China, the Central Bank of China as an assistant director-gerneral and senior auditor, and CDIC as an Executive Vice President. In 2001, he was named one of the outstanding finance personnel by the Ministry of Finance, and was appointed to be the leader of the conservatorship team of Chung Shing Commercial Bank, the Enterprise Bank of Hualien and Bowa Commercial Bank. With his wealth of experience, he will surely be able to play an even more active role in fulfilling the CDIC's objectives in safeguarding the rights and interests of depositors and stabilizing financal system in Taiwan.