The role of CEO has been eliminated, and all duties will likely fall on the President.
Back on November 5, Acer announced that the resignation of Chairman and CEO J.T. Wang was approved by the Board of Directors. Wang was slated to continue on as Chairman until June 2014, and as CEO until December 31, 2013. The board and a special search committee even agreed that Corporate President Jim Wong would succeed Wang as the company’s new CEO beginning January 1, 2014. This change would initiate a corporate transformation, the announcement said.
"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," said J.T. Wang.
But now in a surprising twist, Jim Wong has also abruptly left the company, abandoning his upcoming CEO role. The company announced on Thursday that company founder Stan Shih will immediately take the role of Chairman and Interim Corporate President with “immediate effect”. Shih will serve as Acer’s Chairman until the end of his term on the Board.
"Despite their resignations, reluctantly accepted by the Board, both J.T. Wang and Jim Wong have committed to remain with Acer as advisors to ensure a smooth transition and transfer of the management team and to help the company back to stability," reads Acer’s announcement.
Acer will hand over the Corporate Presidency to the appropriate candidate as soon as possible. As for the position of CEO, the Board has decided to terminate that specific role, and will instead place the former CEO duties on the Chairman or President in order to boost the company’s decision making efficiency.
"Due to the situation that now faces Acer and my personal social responsibilities, I must stand up and take the reign without salary," Shih said. "I will honor and complete all the public affairs and event engagements that I have committed to, but I will also fully support Acer’s ICT device business and carry out the company transformation. In addition, George Huang who is one of my co-founding partners of Acer will join with me and the management team to lead our company at this time."
Earlier this month, Acer set up a Transformation Advisory Committee with board member Stan Shih as Chairman and Acer co-founder George Huang as executive secretary. This committee will propose changes in the company’s vision, execution plans and strategy for the Board’s approval. This committee will also work with the management team to carry out the transformation.
"After I retired from Acer I shifted my attention to promoting public interests. But when J.T. tendered his resignation, the Board turned to me for help," Shih said.