Stan Shih, the founder of the Taiwan-based computer brand Acer, announced Sunday that he plans on retiring as chairman of the company, barely six months after he returned to launch various reforms within the company.

The 69-year-old Shih stated that his resignation will be made official on 18 June at a shareholders' meeting. His successor will be selected during the meeting.

Like Us on Facebook

Shih is considered to be one of the pioneers of Taiwan's electronics industry, having founded Acer with his wife, Carolyn Yeh, in 1976. Since its inception, Acer has become one of the most recognized Taiwanese PC brands around the globe.

Shih stated that his retirement would allow younger talents to take the lead in several of the company's divisions, with hopes that younger blood will give the struggling company a boost of success.

Shih's retirement comes as the third major change to hit Acer since its founding. After retiring in 2004, Shih returned to Acer last November to take over the roles of CEO J.T. Wang and corporate president Jim Wong - both of which resigned after Acer experienced a net third-quarter loss of US $442.2 million.

In January, senior executives also took a voluntary 30 percent salary cut in order to stave off further fiscal woes.

Prior to Shih's 2004 retirement, Acer was the fifth-largest PC maker in the world, surpassing giant rival such as Dell and Toshiba.

However, Acer's financial struggles in recent years have been partially attributed to the company's inability to keep up with the fast-paced computer industry, which has become increasingly dominated by brands such as Apple and Lenovo.

Shih revealed that he plans on taking the helm of a new consulting firm called iD SoftCapital Inc. which will focus on investing and consulting industries around the region, as soon as his retirement is approved by Acer's shareholders.