Sino Swearingen Said To Be Expecting New CEO
According to the San Antonio (Texas) Express-News newspaper, troubled airframer Sino Swearingen Aircraft Corp. is expecting Monday to welcome its fourth chief executive in five years. Although the new, seven-seat light jet is the fastest in its class, its manufacturer has had ongoing management and financial issues, which some blame for the company's leadership turmoil. Compounding the confusion, Ching-Chiang Kuo -- presumably to be the company's former chairman and CEO -- told the newspaper last week he had resigned effective July 2, yet other company officials said Kuo remained on the job. As if that was not bad enough, the Express-News reported Kuo told it his replacement is someone "he knows only as Dr. Lo, who is from Taiwan's Aerospace Industry Development Corp."
Despite its performance, the Sino-Swearingen SJ30 has not lived up to its promise, with only one copy sold, to an investor in the company originally producing it, the Swearingen Aircraft Corp. Four other SJ30s have been made and the company says it has about 300 orders for the $6.19 million jet. For his part, Kuo told the newspaper his departure stemmed from disagreements with Taiwan's minister of economic affairs over the company's management. "We couldn't get to the same kind of conclusion, so I'm not going to stay here," the Express-News reported Kuo said. Kuo has served as Sino Swearingen's chairman since 2005; he added the CEO title in 2006 after forcing out his predecessor, Carl Chen. In turn, according to the newspaper, Chen is one of several former executives and suppliers who are suing the company over wrongful termination or non-payment of bills.