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June 29, 2017

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Acer president apologizes to investors amid scandal

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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