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Lenovo CEO William Amelio steps down

Major management shake-up sees chairman Yang Yuanqing replacing Amelio

Lenovo has announced major restructuring plans that involve its CEO William Amelio stepping down effective immediately.

Amelio will remain with the company in an advisory capacity until September and has been replaced by current chairman Yang Yuanqing, who had been CEO of Lenovo from 2001 to 2004.

Succeeding Yuanqing as nonexecutive chairman will be Liu Chuanzhi, a current Lenovo board member.

“We have the particular benefit of naming Yang Yuanqing to the CEO role since he built our China business….We believe he is the right person to lead Lenovo for the next several years,” said Liu Chuanzhi, Lenovo’s founder and returning chairman.

The restructuring was announced as Lenovo posted their third quarter earnings where consolidated sales fell 20% year over year to reach $3.59 million.

“In the past quarter, same as many other companies, Lenovo was deeply impacted by the global economic turmoil,” said CEO Yang Yuanqing. “The recent restructuring actions we have taken are a direct result of our focus on improving our cost-competitiveness and operational efficiency.”

In another senior management change, Rory Read, Lenovo’s senior VP of operations has been names to the newly created position of president and COO.