Lenovo CEO steps down after PC maker makes loss


Lenovo CEO steps down after PC maker makes loss

Antony Savvas

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.

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