Acer announced the resignation of its Chairman and CEO Jeng-tang Wang on November 5 after the company reported a net loss of NT$13.12 billion (US$446 million; US$1=NT$29.42) in the third quarter of 2013 - a record high in the company's history, as reported by the Economic Daily News. Mr. Wang will hand over the CEO position to President Jim Wong on January 1, 2014, and will step down as the company's Chairman while his term expired in June 2014. Meanwhile, a reform committee will be convened within the board, chaired by the company's founder and current board member Stan Shih. Acer also announced measures to streamline its operation and downsize its global workforce by 7% in an attempt to reduce annual expenses by US$100 million starting next year.