Stan Shih, the chairman and chief executive officer (CEO) of Taiwan's Acer Inc. and a highly respected pioneer of Taiwan's IT hardware manufacturing industry, officially retired on Dec. 31, according to a company statement.
Shih's retirement has long been expected. He was replaced as chairman and CEO of Acer on Jan. 1 by J.T. Wang, who previously served as president of Acer, the company said. Gianfranco Lanci, who formerly headed Acer's international operations, took over as president of the company, it said.
The changes in Acer's top management come as the company prepares to grow its business aggressively during 2005.
Acer expects to see its operating income hit US$190 million on consolidated revenue of $9 billion during 2005 -- anticipated increases of 67 percent and 35 percent, respectively, over the company's 2004 results, according to the company.