This story appears in the June 2024 issue of Forbes Asia. Subscribe to Forbes Asia
This story is part of Forbes’ coverage of Taiwan’s Richest 2024. See the full list here.
Succession is looming at K.C. Liu’s Advantech. The 70-year-old chairman, who announced in 2023 that he would retire in three years’ time, is looking to a team of professional managers to bolster growth at the industrial PC and software maker.
At the annual shareholders’ meeting last year, Liu unveiled an executive partner committee as the group’s main decision-making body—that’s in addition to the three co-presidents who have overseen major business units since 2017.
To further ensure long-term stability, younger son Tony joined his brother Wesley as a board director, Liu said at the meeting. The transition comes as revenue fell 6% last year to NT$64.6 billion ($2 billion) and slumped a further 20% in the first quarter.
The company cited weak demand in most markets but says it aims to increase sales by expanding its line of edge AI systems for IoT processing, and forged strategic partnerships with California-based Qualcomm and Nvidia earlier this year.
Liu, who cofounded Advantech in 1983, slightly upped his wealth to $1.55 billion.
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