Liu Chuanzhi, the founder of Chinese computer giant Lenovo Group, will announce his retirement and step down as the chairman of Lenovo parent company, Legend Holdings, on Wednesday, according to Chinese media reports.
Why it matters: The 75-year-old entrepreneur is widely regarded as the godfather of China’s emerging powerhouse economy and his founding of Lenovo three decades ago still ranks as one of the biggest technology success stories in China.
- Liu guided Lenovo’s transformation more than 30 years ago from a computer importer to China’s first multinational company and the world’s largest personal computer seller.
Details: Legend Holdings will issue a public notice announcing Liu’s retirement after the Hong Kong stock exchange closes on Wednesday afternoon, Shanghai-based media outlet the Paper reported on Monday, citing anonymous sources.
- The management role for Legend Holdings will be handed over to a team led by current senior vice president and chief financial officer Ning Wen.
- Legend Holdings president, 57-year-old Zhu Linan, will also announce his resignation on Wednesday, according to the report.
- Legend Holdings could not be reached for comment. A Lenovo representative declined to comment when contacted by TechNode on Tuesday.
Context: Founded in 1984, Lenovo’s businesses range from producing personal computers, smartphones, and servers, to information technology (IT) management software and electronic storage devices.
- Legend Holdings is a Beijing-based investment holding company and Lenovo’s controlling shareholder. The company went public in Hong Kong in June 2015.
- Lenovo acquired IBM’s personal computing business for $1.8 billion in 2005, a deal that many people hail as a turning point for China’s technology sector.
- In 2014, Lenovo bought US-based handset brand Motorola from Google for $2.9 billion in a bid to accelerate its fledgling smartphone business.