In the wake of a recently exposed insider trading scandal, Acer Inc. (宏碁) founder and President Stan Shih (施振榮) issued an apology yesterday to the public via an open letter

Acer president apologizes to investors amid scandal
By John Liu ,The China Post
March 20, 2014, 12:05 am TWN
TAIPEI, Taiwan — In the wake of a recently exposed insider trading scandal, Acer Inc. (宏碁) founder and President Stan Shih (施振榮) issued an apology yesterday to the public via an open letter.Shih took the reins of the company in November of last year and since then has been striving to instill a culture of innovation and professionalism into the company, Shih said in the letter.
As Shih tried to renovate the company, it is now progressing in the right direction, he said, adding that there has been much improvement in employee morale. Shih stressed that the company still needs “encouragement from the public” and that “Acer will certainly stand up again and return to glory.”
In his letter Shih pointed out that problems facing Acer today are the result of unresolved issues that have plagued the firm over a long period of time. He told his investor audience not to expect the company’s operations to return to normal immediately, but assured things would turn around only a matter of time. Investors’ patience will be greatly appreciated, Shih said.
The first task after retaking the company’s reins was to transform Acer’s culture, Shih said, adding that he has spoken with the company’s top executives, including co-founding partner George Huang (黃少華) and chief executive officer Jason Chen (陳俊聖), about Acer’s strategic direction and how to improve management. A consensus has been reached and implemented already, Shih said, and while much positive energy has been accumulated at Acer, it will take some time before tangible results are shown through financial figures.
In his letter, Shih thanked investors for their support over the years, but reiterated a statement mentioned in a recent commentary that “only if Acer stands up will Taiwan have hope in the future.

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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