The CEO at PC maker
Lenovo has
stepped down after the firm posted a quarterly loss.
President and CEO William Amelio resigned after his three-year
term ended. He will stay on as a special adviser until 30
September.
He will be replaced by executive chairman Yang Yuanqing. Yang
will relinquish the chairman's post but will continue to be an
executive director.
Rory Read was appointed president and chief operating officer.
Liu Chuanzhi, a founder of the group, will take over as
non-executive chairman.
"Mr Amelio confirmed that he has no disagreement with the board
and there are no matters in respect of his resignation that need to
be brought to the attention of the shareholders of the company,"
Lenovo said in a notice to the Hong Kong stock exchange.
For the three months ended 31 December, Lenovo posted a $96.7m
loss, compared with a $171.7m profit a year ago.
Lenovo includes what used to be IBM's PC-making business, before
IBM sold it off to cut costs.