On November 12, 2011, the Executive Yuan approved the appointment of David C.Y. Sun, the retired director general of the Department of Financial Inspection, Central Bank of the Republic of China(Taiwan), to the position of chairman of the Central Deposit Insurance Corporation (CDIC), succeeding Mr. Fred Chen upon the completion of his term. The CDIC board of director elected Mr. Sun as the new chairman at a meeting on November 13, 2011, and a hand-over ceremony was held on the same day. An announcement and swearing-in ceremony for the new chairman will be held at 10:00 on the morning of November 14 at the 12th-floor auditorium of the CDIC. The ceremony was presided by Financial Supervisory Commission Political Vice Chairperson Jih-Chu Lee.
Mr. Chen served as chairman of the CDIC for three years and four months from July 10, 2008. During his tenure, he made numerous contributions. In particular, he oversaw the successful tender-sale and market removal of Asia Trust & Investment Corporation and Chinfon Bank. And in conjunction with government policy, he directed implementation of blanket deposit guarantee measures between the second half of 2008 to the end of 2010. These measures successfully strengthened depositor confidence, stabilized the order of financial markets, and made a vital contribution to financial stability. Mr. Chen also maintained good interactions with international peer organizations, greatly elevating Taiwan's international status.
Newly appointed CDIC Chairman Mr. Sun graduated from the Department of Money and Banking at National Chengchi University. In 1973, he passed the second-level special examination of the Central Bank and began service at the bank. During his tenure at the Central Bank, Mr. Sun served successively as section chief, auditor, and deputy director general of the Department of Financial Inspection and representative of the Central Bank's New York Representative Office. As director general of the Department of Financial Inspection, Mr. Sun contributed his extensive knowledge of financial laws and regulations and financial regulatory rules and technology during the establishment of the Central Bank's Financial Institutions CARSEL Analyzing System. He also served as an expert lecturer at SEACEN training courses on financial regulation. We have the utmost confidence that Chairman Sun, with his wealth of experience, will lead CDIC with excellence and play an important role in upholding the set policies of the competent authority, protecting the rights and interests of depositors, and stabilizing financial order.