Acer CEO steps down and company announces plans to save $100m following poor results

Acer has today announced that CEO J.T. Wang will resign from his role, after reporting a net loss of T$13.12bn ($446m) in the third quarter.

The Taiwanese company has posted losses in five quarters since 2011, and has announced that it will cut seven per cent of its 8,000 employees as it looks to save $100m.

The company has also said it will raise T$2.87bn by issuing 136 million new common shares priced at T$21 per share, to support the restructuring plans.

"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," Wang said in a statement.

Acer corporate president Jim Wong will take over from Wang, while Wang will stay on as chairman until June.

The news comes just a day after Blackberry's CEO stood down.

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