UPDATE 1-Taiwan's Acer aims to revamp with new CEO and job cuts

Tue Nov 5, 2013 9:10am EST
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* HTC says Q3 net loss T$13.12 bln vs consensus net loss T$109 mln

* CEO J.T. Wang resigns, succeeded by President Jim Wong

* To cut 7 pct of jobs, raise T$2.87 billion via issue at T21/shr

By Clare Jim

TAIPEI, Nov 5 (Reuters) - Taiwan's Acer Inc announced a restructuring plan with a new chief executive and 7 percent job cuts on Tuesday following a worse-than-expected net loss of T$13.12 billion ($446 million) in the third quarter.

The move by the world's No. 4 PC vendor by shipments follows several quarters of disappointing results since 2011 - it has posted a loss in five of them - amid sliding demand for traditional computers.

Acer corporate President Jim Wong will succeed J.T. Wang, who is now 58, as chief executive, while Wang will stay on as chairman until June.

"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.

The company, with 8,000 employees worldwide, said it will reduce this by 7 percent, saving around $100 million a year from 2014.   Continued...