Stan Shih, founder of Taiwan’s struggling personal computer maker Acer, will retire as chairman next month, six months after he returned to launch reforms

Acer founder Shih now programmed for retirement
Monday, May 05, 2014
Stan Shih, founder of Taiwan’s struggling personal computer maker Acer, will retire as chairman next month, six months after he returned to launch reforms.

Acer yesterday confirmed that Shih will be stepping down on June 18. That is the day of its shareholders meeting, during which his successor will be elected.

The 69-year-old Shih had provided the surprise pointer to him preparing to step down during a gathering with the media, the United Evening News said.

That was when he said younger talents would be promoted to lead divisions as the company shifted its business focus from hardware to cloud computing – the company’s third major transformation since it came into being nearly 40 years ago.

Shih, who also said he expected Acer to “return to glory” three years from now, had in November replaced chairman and chief executive JT Wang and corporate president Jim Wong, who quit after Acer had a net third- quarter loss of NT$13.1 billion (HK$3.36 billion).

Then, in December, Shih relinquished his position of CEO and president to Jason Chen, a senior vice president of worldwide sales and marketing at Taiwan Semiconductor Manufacturing Co, the world’s leading contract microchip maker.

Senior executives also took voluntary salary cuts of 30 percent since January as Acer struggles.

After the founding in 1976 and becoming the world’s No2 PC maker, Acer’s fortunes have worsened in recent years with competition from Apple and others. AGENCE FRANCE-PRESSE

 

About bambooinnovator
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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