Acer CEO J.T. Wang has resigned from the PC maker after the firm posted a worst than expected third quarter loss of $446 million.
The company is also set to embark on a comprehensive restructuring plan, which will see it trim its global workforce by seven per cent. The move is expected to save the firm around $100 million a year from 2014.
In a statement, Acer blamed the loss on the release of Windows 8.1 and the impact this had on gross margins.
"[It] was mainly due to the gross margin impact of gearing up for the Windows 8.1 sell in and the related management of inventory," the statement read.
"In addition, there were one time compensation payments related to the long-standing eMachines consumers litigation. This is now settled."
During Q3, the company was also saddled with an intangible asset impairment charge totalling $335 million, but the firm stressed this has not affected its business operations and working capital.
The company's revenues have taken a hit in recent times, thanks in no small part to the slowdown in PC sales that have blighted the industry during the past several years.
In a further statement, announcing his resignation, Wang acknowledged the problems the company has faced during his time there.
"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 Wang.
"I feel optimistic toward Acer's future. The management team promises to carry out the internal restructuring and will work closely with the board on the corporate transformation," he continued.
Despite his resignation, Wang will retain his position as chairman until June 2014, while corporate president Jim Wong has already been named as his successor for the position of CEO.
Wong will officially take over the company reins on 1 January 2014.
News of Wang's resignation follows on from yesterday's announcement from ailing smartphone maker BlackBerry that CEO Thorsten Heins has stepped down after a bid to buy the company by one of its largest shareholders failed.
