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Acer CEO Wang steps down after poor Q3 results
2013-11-06 08:40:00| Telecompaper Headlines
(Telecompaper) Acer CEO and Chairman J.T. Wang has decided to step down as CEO. He will remain chairman until his term expires next June, and Acer president Jim Wong will take over as CEO effective 1 January 2014. The move follows another difficult quarter for Acer. The company posted a net loss of TWD 13.1 billion (USD 445 million) for the third quarter on another impairment charge for previous acquisitions, and revenues fell 11.8 percent year-on-year to TWD 92.15 billion. The operating loss totaled TWD 2.57 billion due to extra costs for rolling out Windows 8.1, inventory management and compensation for the eMachines consumer litigation. Acer expects shipments of its notebooks, tablet PCs and Chromebooks to decrease by 10 percent in the fourth quarter compared to Q3, while the gross margin should improve. The company announced plans to set up a Transformation Advisory Committee with board member Stan Shih as Chairman and Acer co-founder George Huang as executive secretary. The committee will propose changes in the company vision, strategy and execution plans and work with the management team to carry out the transformation. To support new development needs, the board also approved the issue of 136 million new shares for a capital increase. The restructuring will lead to a one-time cost of USD 150 million in Q4 and a 7 percent reduction in the worldwide workforce, resulting in cost savings of USD 100 million annually from 2014.
BlackBerry abandons sale, CEO steps down
2013-11-04 15:39:00| Telecompaper Headlines
(Telecompaper) BlackBerry has abandoned plans to sell the company and instead agreed a new investment and management team led by its largest shareholder, Fairfax Financial. The handset maker will issue USD 1 billion in convertible debt to institutional investors, including USD 250 million to be acquired by Fairfax. The seven-year debt at 6 percent annual interest can be converted at USD 10 per share, a 28.7 percent premium to the current share price, and represent a 16 percent stake in the company. As part of the new plan, Thorsten Heins is stepping down as CEO. John S. Chen, the former CEO of Sybase, will become executive chairman and be responsible for strategy and organisation at BlackBerry. Fairfax's CEO Prem Watsa will become lead director and chair the compensation, nomination and governance committee. This puts him in position to lead the process of appointing a new CEO at the company. Chen will serve as interim CEO until a successor for Heins is found. The announcement from BlackBerry comes the same day bids were due in a proposed auction of the company. According to press reports, a variety of potential acquirers were approached, ranging from Cisco to Qualcomm to Facebook, but few concrete offers emerged. Fairfax earlier offered to pay USD 4.7 billion to acquire all of BlackBerry, but media reports said it had trouble raising the full financing. BlackBerry did not name the other institutional investors involved in the debt issue.
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HTC Ceo steps back to focus on fixing smartphone slide: FT
2013-10-21 09:54:07| Semiconductors - Topix.net
Chief executive Peter Chou is temporarily focusing on innovation and product development after HTC's latest One handset failed to arrest a slide in the company's share of the global smartphone business, the newspaper reported.
UK: Burberry CEO Ahrendts steps down, H1 revenues grow
2013-10-15 13:18:00| Daily apparel & textile news and comment - from just-style.com
Burberry CEO Angela Ahrendts has said she will step down next year to take up a new role with Apple, as the UK luxury brand posted a double-digit increase in first-half revenues.
Raikes steps down as CEO of Gates Foundation
2013-09-11 14:28:27| InfoWorld: Top News
Former Microsoft exec Jeff Raikes said Tuesday that he would step down as the chief executive of the Bill & Melinda Gates Foundation, theoretically freeing himself up as Microsoft searches for a new CEO.
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