Lenovo founder steps down as president of parent firm

Liu Chuanzhi, one of China’s best known technology entrepreneurs, has stepped down as president of Legend Holdings, the parent company of Lenovo.

Liu resigned as chairman of Lenovo, the world’s No. 2 PC maker, last year. He was replaced by Yang Yuanqing, who is also Lenovo’s chief executive officer.

Labeled an “information guru” by China Daily, Liu founded Lenovo and in 2006 put together the deal that led to the acquisition of IBM’s PC division, which was largely based in Raleigh.

Lenovo now operates an executive headquarters in Morrisville, but most of its operations are located in China.

Chinese media reported Liu’s decision.

China Daily said the decision was “believed to be part of his retirement plans.”

Liu is 68.

Zhu Linan, executive vice president at Legend, will become president.

Citing another media website, China Daily said Liu is expected to remain involved in Legend until the firm executives its own initial public offering of stock.

Lenovo is already traded on the Hong Kong stock exchange.

[LENOVO ARCHIVE: Check out six years of Lenovo stories as reported in WRAL Tech Wire.]