Acer chairman and CEO J.T. Wang is announcing his resignation from the PC maker today following further disappointing financial results. Wang, an outspoken critic of Microsoft’s Surface tablet, will step down as Acer CEO on January 1st, but will retain his chairman position until the second quarter of 2014 to assist with existing commitments. Acer president Jim Wong will take over as CEO in January in a clear effort to address the struggles the company is facing.

Acer is still the fourth-largest PC manufacturer in the world, but the company’s revenues have taken a hit recently as PC sales have slowed across the industry. The company reported a net loss of $446 million in Q3, and it now plans to cut its staff headcount by 7 percent globally in an effort to save $100 million in annual operating expenses. While PC sales continue to impact manufacturers, the top three — Lenovo, HP, and Dell — experience small growth in the most recent quarter according to IDC. Acer’s PC sales dropped by nearly 35 percent in Q3, highlighting the problems the company faces to turn its business around.