Acer CEO J.T. Wang has resigned amidst a declining PC market, but the Taipei-based company is hoping there is still room in the mobile market for it to turn its luck around.
Despite being the fourth largest PC maker in the world, Acer wasn’t able to adapt well to, and grow, in the increasingly crowded mobile market. After posting a $446 million after-tax loss for the quarter, Wang admitted it was time for him to hand over the reign to a new era of leadership.
“Acer encountered many complicated and harsh challenges in the past few years. With 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 said in a statement.
The company’s president, Jim Wong, will take over as chief, and unfortunately for him, he will be tasked with cutting 7% of the company’s workforce as a part of the restructuring effort.
Acer has also set up an advisory committee, which includes two of the company’s founders as its head, to support Wong in his new role.
“After making structural adjustments, we will introduce more competitive products within the existing PC, tablet, and smartphone business and stabilize our market share,” said Stan Shih, one of Acer’s founders. “This will be the basis of our transformation and for developing new business opportunities.”