Acer CEO Resigns After Disastrous Q3




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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