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Acer's CEO steps down after mounting financial losses grow

Acer's CEO announces resignation after poor sales during Q3 2013, will lay off 7-percent of workforce globally to stem off bleeding revenues (TPE:2353)

| Business, Financial & Legal News | Posted: Nov 5, 2013 7:17 pm

This morning Acer announced that its CEO, J.T. Wang, will resign his position as CEO following yet another poor performing financial quarter. Wang will tender his resignation effective on January 1st 2014, but will retain his position as Chairman of the Board until the second quarter of 2014.

 

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Acer says that its current president, Jim Wong, will take over as CEO upon Wang's resignation. Acer just posted a net loss of $446 million for Q3 2013 and as a result, will cut its global staff by 7-percent in an effort to diminish overhead by $100 million annually. Stacking on the bad news, Acer's PC sales plummeted by 35-percent in Q3 which could spell disaster for the company in 2014. Acer and Wong will have to fight hard, and will be forced to switch up their strategy drastically to stay afloat in the coming years.

NEWS SOURCESAcer-group.com, Mops.twse.com.tw

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