How effective will Shih be as a leader of change when he resumes the role of CEO? Stan Shih's effectiveness as a change leader is supported by the fact that he managed to turn Acer's net loss into a net profit of $205 million in less than three years (Acer, Figure 1). His high level of effectiveness is based on his transformation from a collaborative leader to a visionary leader. According to Goleman, visionary leadership is defined as “the ability to take charge and inspire with a compelling vision” (Goleman, p. 21). By accepting the role of CEO again, despite his previous offer to resign, Stan Shih expresses responsibility in the face of a demanding challenge. One aspect of a visionary leader is the ability to act as a catalyst for change. In many ways, a catalyst for change can only work at its highest level if the circumstances are right. Although Leonard Liu “failed” financially, his legacy of highly efficient business operations and a major financial loss prepared the right circumstances for Mr. Shih to act as a catalyst for change. Therefore, Stan Shih immediately assumes the position, radically modifying Acer's management, organizational structure and business model by implementing the changes necessary to move towards a new vision. Despite facing a bleak reality, Shih articulates a new vision of a “global brand, local touch” supported by his “21 in 21” initiative aimed at transforming Acer into a global federation of 21 public companies by 21