After news that Acer CEO, J.T. Wang, will be stepping down after failing to turn around the company’s fortunes, it has been announced that Stan Shih, the company’s founder, will be occupying both the president and chairman jobs immediately.

The company is getting rid of the CEO position completely, giving the majority of the power directly to Shih, and Acer believes that this move will “boost the company’s decision making efficiency.”

Acer, which met a lot of success in the notebook markets initially, is now having a hard time keeping with that market as people turn to other devices, and this is what has prompted Shih to make this decision. Shih states that “due to the situation that now faces Acer and my personal social responsibilities, I must stand up and take the reign.”

[via The Verge, Acer Press Release, image via vernieman’s flickr]