Acer CEO Resigns After Disastrous Q3

 

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Acer CEO J.T. Wang announced he is resigning after several quarters of "poor financial results."

“Acer encountered many complicated and harsh challenges in the past few years," reads a statement Wang delivered to the company. "With the consecutive poor financial results, it is time for me to hand over the responsibility to a new leadership team to path the way for a new era.”

He will be replaced by President Jim Wong. Wang will serve as CEO until Jan. 1 and as chairman until June 2014. He had served as CEO since 2005

Wang's resignation came after the company posted a $446 million net loss — Acer's largest to date — in its third quarter. The company is also cutting 7% of its work force as a cost-cutting measure. Like other PC companies, Acer has struggled as consumers have flocked to tablets. PC sales fell 11.4% globally in the second quarter versus the same period in 2013, according to IDC. The researcher also reported that Acer's shipments fell 32.6% year over year. Read more...

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