TAICHUNG, Taiwan (BRAIN) — Giant Manufacturing announced some historic management changes following a board of directors meeting Friday. Company founder King Liu is retiring as the company's chairman and Tony Lo is retiring as CEO.
On Jan. 1, current executive vice president and CFO Bonnie Tu will be appointed as the new chairperson of Giant Global Group. Young Liu, the current COO and the son of King Liu, will become Giant's new CEO.
"Ms. Bonnie Tu and Mr. Young Liu, together with their professional management team will continue to lead Giant in becoming an eternal company," the company said.
In a statement, the 44-year-old company said the new management team will focus on three key operation goals: "Smart Manufacturing, Integration of Online + Offline distribution channels and offering Consumer Centric Innovative Products and Services."
"The ultimate goal is to transform Giant into a service company that is best at engaging and communicating with consumers," the statement said.
At a news conference Friday, Tu praised the guidance of King Liu and Tony Lo, who for the past 44 years, had overseen the development of Giant from a small factory in Taichung to one of the world's leading bicycle brands. She said in the future the company would be managed more like a Tour de France team, in which every team member has an important role.
"Our company's new leadership will shift from the strong and centralized management over the past four decades to a more professional teamwork style," she said.
Young Liu said the new leadership team was committed to building Giant as a consumer- and service-oriented enterprise, and will gradually transform to smart manufacturing and will expand sales channels in the scope of digital marketing, consumer interaction and deepening communications.
Young Liu said despite the bicycle market downturn in 2016, there were still areas of growth for Giant, especially in e-bikes, carbon fiber bikes and for the Liv brand. He said in the future, he would like to see Giant move on from being the world's No.1 bicycle maker to a more service-oriented company with both brick-and-mortar stores and online e-commerce platforms. He said the company selected 14 key executives in October to be in charge of roles such as marketing, sales, legal affairs, human resources and manufacturing, with the reforms expected to facilitate decision-making processes and enable the company to adjust quickly to changes.