Acer is one of the top worldwide PC brands, but that hasn’t insulated the company from the recent downturn in the PC market caused by the growth of mobile technologies. Acer this week announced major changes to its executive structure and a restructuring plan that includes massive layoffs.

Acer Chairman and CEO J.T. Wang has announced he will be stepping down as the company’s CEO. He will also be resigning his chairmanship sometime in June 2014. Acer President Jim Wong will take over the CEO position starting January 1, 2014.

“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 Wang. “Together with the management team, we have crafted a far-reaching plan for Acer’s transformation. I wish to thank the board members for their support and to Jim for assuming the CEO duties. I feel optimistic toward Acer’s future.”

In addition to the management changes, Acer has announced its intention to under go a massive restructuring effort. Board member Stan Shih and Acer co-founder George Huang will lead a committee to formulate the restructuring plan, which Acer stated could change its “company vision, strategy, and execution plans.”

Current restructuring plans include layoffs and product plan terminations. The plan terminations are expected to cost the company $150 million in the upcoming quarter. The layoffs, which are predicted to affect 7% of Acer employees worldwide, are predicted to save the company $100 million per year.

“After making structural adjustments, we will introduce more competitive products within the existing PC, tablet, and smartphone business and stabilize our market share,” said Shih. “This will be the basis of our transformation and for developing new business opportunities.”

(Image courtesy Acer)