Acer plans to buy back 54 million shares of common stock at a price range of NT$55 (US$1.87) to NT$100 per share between April 1 and May 31, according to a company filing with the Taiwan Stock Exchange (TSE). The decision was made after the company announced that Gianfranco Lanci has stepped down as president and CEO.

Acer shares edged down 1.2% to close at NT$60 on the TSE on March 31. Price has fallen since March 25, when Acer announced a downward revision of its first-quarter sales target to a 10% decline.