Acer’s Board of Directors today elected George Huang to succeed Stan Shih as the new Acer Chairman, and invited Shih as honorary chairman.
Acer’s new Board held its first meeting at the start of the new 3-year term, and agreed to establish a new Audit Committee with Dr. F.C. Tseng as the chairman, replacing the Financial Statement and Internal control Review Committee. The Compensation Committee will be led by new independent director Dr. Ji-Ren Lee as chairman; while the Assets Management and Handling Committee shall be chaired by Stan Shih, with George Huang and Philip Peng as members.
“George is one of the co-founders of Acer and has been a long-time member of the Board. Since his return to Acer last November as executive secretary of the Transformation Committee, he has been instrumental in driving the company restructuring and in helping to develop our new vision,” said Stan Shih, Acer Founder. “He is therefore the ideal candidate to lead Acer at this important time.”
New Acer Chairman George Huang said, “As Chairman, I have a tremendous challenge ahead and will do my very best, along with our CEO Jason Chen and the management team, to realize the BYOC vision and lead Acer back to success.”
“We now need to build on the foundations of our existing PC, tablet, smart phone and other hardware products to strengthen overall product competitiveness,” added Huang, “Acer’s BYOC has huge potential for development and we will actively embrace new opportunities that arise in era of the cloud.”
The nine directors of the new Board include three independent directors: Dr. Ji-Ren Lee, Professor of International Business at National Taiwan University; Cheng Wu, Chairman and co-founder at Azuki Systems; and Dr. F.C. Tseng, Vice Chairman of TSMC who continues to serve from the previous term. The other six members are Stan Shih, George Huang, Jason Chen, Carolyn Shih, Hsin-I Lin, and Philip Peng.
Regarding the capital injection plan approved by the Board last year, the shareholders’ meeting today agreed to increase the authorized capital to NT$40 billion. Depending on operational needs and market conditions, Acer will propose the related plans to the Board again in August.