The Central Deposit Insurance Corporation (CDIC) President Howard Wang has been succeeded by the Central Bank of the Republic of China, Taiwan (CBC) Advisor Michael M. K. Lin, after the completion of President Wang's term on September 28, 2013. The appointment was approved by the Executive Yuan and ratified by the CDIC Board of Directors on September 27, 2013. A handover ceremony for the new and outgoing presidents was held on September 29, 2013. The announcement and swearing-in ceremony was held at 9:30 a.m. on September 30, 2013 at the 12th floor Auditorium of the CDIC, presided by Financial Supervisory Commission Vice Chairperson Jennifer Wang.
Former President Wang was reassigned from the CBC to the position of the CDIC executive vice president in 1998. On January 16, 2008, he was promoted to president. Mr. Wang served in official positions for more than 40 years. During his tenure at the CDIC, he made numerous achievements and dedicated efforts to accomplishing duties entrusted under the Financial Restructuring Fund. Under his leadership, the CDIC resolved 56 problem financial institutions to smoothly exit the market, effectively rectified the financial markets and improved business conditions of financial institutions. Mr. Wang's contributions were especially notable during the period from the second half of 2008 to the end of 2010, when CDIC coordinated with government policy on implementing full deposit insurance coverage measures to strengthen depositors’ confidence and financial stability. Mr. Wang also developed close interactions and popularity with international peers, significantly enhancing Taiwan's international status.
New CDIC President Michael M. K. Lin earned his M.A. from the graduate program of the Department of Business Administration at Soochow University. In 1981, he passed the special examination of the Central Bank. Over the years, Mr. Lin has progressively accumulated abundant experience in financial business management and supervision at the CBC from the grassroots level, and served as deputy section chief, section chief, assistant director general, and advisor of the Department of Financial Inspection. Mr. Lin combines an extensive scholarship with deep experience in financial regulation. His areas of specialization include the practice and inspection of bank deposit and remittance operations, analysis of financial fraud and corruption, prevention of money laundering and other aspects of banking regulation. We are confident that Mr. Lin will, upholding the established policies of the competent authorities, bring a new spirit to the CDIC's operations and raise the level of financial regulation in Taiwan through his outstanding leadership.