TAIPEI -- King Liu, the 82-year-old founder and chairman of Taiwan's Giant Manufacturing, the world's largest bicycle maker, has announced his retirement together with that of 67-year-old Tony Lo, the company's longtime chief executive.

In a press conference following the board of directors' meeting on Friday, the company said Bonnie Tu, the company's veteran chief financial officer and executive vice president will take over as the company's chairman, and Young Liu, currently chief operating officer, will be the new chief executive, effective on Jan. 1.Tu is King Liu's niece, and Liu is his only son.

"In a world that is full of uncertainties, it is better that we do some new things; otherwise, it's likely that we will lag behind," said Tu.

Young Liu said that to initiate the transformation 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 quickly adjust to changes.

Liu added that in the future he would love to turn Giant from the world's No.1 bicycle maker into a more service-oriented company with both brick-and-mortar stores and online e-commerce platforms.

Tu, 67, has long served as the company's chief financial officer and successfully took the company public in 1994. In 2008, she launched Liv, a female bicycle brand with more colorful and designed models, and which has become one of Giant's key growth drivers.

Young Liu, 57, joined the company as a quality assurance specialist back in 1990 and learned every detail about bicycle manufacturing. In 1992, when he was 34, he helped bring Giant to China, where the company has enjoyed explosive growth.