Acer elects founder as new chairman in reshuffle

Reuters News
Posted: Nov 21, 2013 4:38 AM
Acer elects founder as new chairman in reshuffle

TAIPEI (Reuters) - Ailing computer maker Acer Inc announced Thursday that it has elected founder Stan Shih as the new chairman after the company announced a restructuring plan earlier this month following several quarters of disappointing earnings.

The company said that Shih will take over as chairman and interim corporate president with immediate effect. Current corporate president Jim Wong will step down.

The company had said two weeks ago that Wong would succeed J.T. Wang as chief executive while Wang would stay on as chairman until June.

Earlier this month the company reported a worse-than-expected quarterly loss, which prompted then-CEO Wang to resign and the company to announce a 7 percent reduction in its workforce.

The role of CEO will be abolished with its duties transferred to the company chairman or president, the company said on Thursday.

(Reporting by Michael Gold; Editing by Matt Driskill)