Tech CEOs seem to be dropping like flies this week as yet another resigns from their post.
According to Yahoo News, Acer Inc. Chairman and CEO J.T. Wang resigned after the company posted disappointing third quarter financial results. Wang is expected to step down as CEO on January 1, 2014, but will keep his position as chairman until the second quarter of 2014.
Acer President Jim Wong will take over as CEO in January once Wang leaves the post.
Reports say Wang is leaving due to recent financial losses and struggling PC sales. For Q3 2013, Acer posted a wider-than-expected net loss of T$13.12 billion ($446 million USD). Analysts only expected a loss of around T$109 million for the quarter. Acer’s PC sales also dropped by almost 35 percent in the quarter as well.
Acer CEO J.T. Wang
“Q3’s operating loss was mainly due to the gross margin impact of gearing up for the Windows 8.1 sell-in and the related management of inventory,” said Acer in a statement.
Acer added that there was an intangible asset impairment loss of T$9.94 billion for Q3, which includes trademarks and goodwill.
As a result, the company plans to cut its global staff by 7 percent in an effort to save $100 million in annual operating expenses.
What’s interesting to note is that IDC said the top three PC makers (Lenovo, HP and Dell) saw small growth in PCs during the third quarter.
Just yesterday, BlackBerry reported that its CEO, Thorsten Heins, would be resigning as well. The news came amid the announcement of a $1 billion investment from Fairfax Financial Holdings Limited and other institutional investors instead of the original $4.7 billion buyout.
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