The founder of Acer, Stan Shih, has come back to lead the company which is down on its luck. This occurred after the new president and CEO, Jim Wong and J.T. Wang, both stepped down.
The conglomerate had been facing tough times. The computer manufacturer, Acer chose its founder, Stan Shih to lead the company after the president Jim Wong and the CEO J.T. Wang gave up their respective posts.
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Acer officially announces that "its Board of Directors has elected the company founder, Stan Shih, as Chairman and interim Corporate President with immediate effect. Shih shall serve as Acer’s Chairman until the end of his term on the Board. Chairman & CEO J.T. Wang and Corporate President Jim Wong have both stepped down in light of the company’s recent performance. The Company will hand over the Corporate Presidency to the appropriate candidate as soon as possible."
The quarterly losses were so dismal that it was a case of do-or-die. So there was a downsizing of 7% of the staff at Acer. However, when even this did not seem to have much of an effect, the inevitable was resorted to. Stan Shih was welcomed back on board the organizational ship that was floundering. It was all done in a desperate bid to set the company on the right track which led to growth and prosperity.
The current CEO, J.T. Wang along with the President, Jim Wong will both be relinquishing their respective positions at Acer. This will make way for the return of Stan Shih. It is an example of the “old is gold” saying in real life. Performance and financial figures had really slipped in recent times.
However, both J.T. Wang and Jim Wong will be lending their expert advice to the company’s administration. Stan Shih meanwhile has opted to become the Acer chairman without taking any compensatory salary. He wants to prove that he can take the company he founded back to the top on his own initiative. And money doesn’t matter when it comes to honest and sincere dedication for the sake of the company he founded.
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Stan Shih said, “Due to the situation that now faces Acer and my personal social responsibilities, I must stand up and take the reign without salary. I will honor and complete all the public affairs and event engagements that I have committed to, but I will also fully support Acer’s ICT device business and carry out the company transformation. In addition, George Huang who is one of my co-founding partners of Acer will join with me and the management team to lead our company at this time.”