Acer Execs Take 30 Percent Pay Cut On Fourth Quarter Losses

rated by 0 users
This post has 2 Replies | 1 Follower

Top 10 Contributor
Posts 26,357
Points 1,191,620
Joined: Sep 2007
ForumsAdministrator
News Posted: Fri, Jan 17 2014 10:35 AM
Oh, how the mighty have fallen. It seems like a thousand years have gone by since Acer was on top of its game and talking about how it was going to supplant Hewlett-Packard as the world's top PC maker (in terms of shipments). Instead, Lenovo was the one that leapfrogged into first place, while a series of missteps and CEO changes ultimately dragged Acer down to the No. 4 spot. Be that as it may, Acer deserves a bit of kudos.

The company is underachieving and while part of its has to do with the PC market being in a slump, Acer brought most of its financial troubles on its self, starting with the ousting of CEO Gianfranco Lanci, who landed at Lenovo as a consultant. However, rather than announce a series of job cuts, Acer today said that its executives will bear the brunt of responsibility by voluntarily taking a 30 percent pay cut.

Acer Laptop

"Acer acknowledges missteps in the past on resource allocation, and the over expectation of Ultrabooks and notebooks with touch panel. Although the products were leading in design they did not accurately fulfill market needs," Acer said.

Those mistakes led Acer to report a net loss of around $254.79 million in the fourth quarter of 2013. That's not something Acer wants to repeat, so going forward, the company said it will "formulate its product strategy with more caution," as well as pay better attention to inventory.
  • | Post Points: 20
Top 25 Contributor
Posts 3,486
Points 47,175
Joined: Nov 2005
Location: Metropolis
ForumsAdministrator
Moderator

These are foreign execs, right? I can't imagine an American exec taking a voluntary pay cut.

 SPAM-posters beware! ®

  • | Post Points: 20
Not Ranked
Posts 75
Points 685
Joined: Apr 2011
Atticus14 replied on Fri, Jan 17 2014 11:06 PM

yeah if this was America 50% of the workers would be fired and the CEO would give himself a raise for doing a good job shedding salary.

  • | Post Points: 5
Page 1 of 1 (3 items) | RSS