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Wednesday, November 6, 2013

Acer CEO resigns after poor financial results

Technology manufacturer Acer says that its chairman and CEO, JT Wang, has resigned. He’ll remain in his role as chairman until the end of June, although Corporate President Jim Wong will take over as CEO from January.

The company is also putting a restructuring plan into operation. Stan Shih and George Huang, two of Acer’s founders, will lead a Transformation Advisory Committee that’ll propose changes to the company.

Mr Wang said “Acer encountered many complicated and harsh challenges in the past few years. 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. Together with the management team, we have crafted a far-reaching plan for Acer’s transformation. I wish to thank the board members for their support and to Jim for assuming the CEO duties. I feel optimistic toward Acer’s future. The management team promises to carry out the internal restructuring and will work closely with the Board on the corporate transformation.”

Financial results for the past quarter showed an operating loss of NT$2.57 billion (£54 million) and consolidated revenue of NT$92.15 billion (£1.9 billion).

The company says it’ll change its structure and will then aim to introduce more competitive products within the PC, tablet, and smartphone business. Around 7% of employees worldwide are expected to lose their jobs as part of the restructuring.

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Author: The Fonecast
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Categories: Handsets and manufacturers, NewsNumber of views: 1545

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