Acer CEO resigns as profits fall

Acer chief executive J.T Wang has resigned in the wake of the company posting a £292m loss in the third quarter of 2013. Wang became chief executive in 2005 and has worked at Acer for 23 years.

The company announced that president Jim Wong well be taking on the role of CEO. The company, which in 2012 was the fourth largest computer vendor in the world, also announced it will cutting its staff by seven per cent to save on operating expenses.

Acer said in a statement:

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.