In an announcement made today, Acer CEO and Chairman J.T. Wang said he would be leaving the company. Wang's replacement would be the Taiwanese company president Jim Wong. Wong would be taking the chief executive position on January 1 next year. Wang would be relinquishing his Chairman position in June 2013.

Wang said about his resignation, "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."

Acer released its results for the third quarter. The multinational hardware and electronics corporation had earned TWD92.15 billion or USD3.13 billion in revenue, which was a 3.1% increase from the previous quarter. However, the amount indicated a 11.8% decrease in revenue year-over-year.

Wang's announcement came amidst the company's restructuring plan. The firm would be laying off some 7% of its workforce and would also be stopping some product developments that are already in progress. The moves would reportedly cost Acer USD150 million, which would be reflected on the company's fourth quarter results.