Lenovo Founder Liu Chuanzhi Rumored to Resign as Chairman

Lenovo Founder Liu Chuanzhi (Source: FinanceAsia)

Liu Chuanzhi, founding father of the Lenovo Group, China’s largest PC maker, is about to step down as the chairman of Lenovo’s parent company Legend Holdings, according to Chinese media LatePost.

Six years ago, Liu left office as the president at the age of 68, but remained chairman of the company.

Prior to that, Liu stepped down as the chairman of the board of the Lenovo Group in November 2011, handing over the job to CEO Yang Yuanqing. He then became an honorary chairman of Lenovo and focused most of his efforts on the parent company, Legend Holdings.

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Acknowledging it was time to transition his role, Liu said in an interview,“One should know himself. The ideal situation for me is to be the honorary chairman of Legend Holdings and only to be acknowledged when the company has big strategical issues. What an old man should do is to only look at the results of young people’s work.”

Legend Holdings’ other major subsidiaries include Legend Capital, Raycom Real Estate Development Co., Hony Capital and Digital China.

Lenovo Group’s stock price is currently 13.55 HKD ($5.27).