MORRISVILLE – Lenovo Group, the corporate parent of tech giant Lenovo, confirmed Wednesday that its founder Liu Chuanzhi will retire as its chairman at the end of the year.

The news came after reports in Chinese media on Tuesday that Liu was stepping away from the company which he and a group of Chinese scientists launched in 1984.

Chinese website Caixin, which reported about the retirement, called Liu the “godfather of entrepreneurs” in China and labeled him a tech legend. Reuters also carried a story about the news.

Liu, 75, had stepped away from a role in Lenovo itself in 2011 and focused on Lenovo Group. Yang Yuanqing took over as chair and continues as chairman as well as CEO of Lenovo, which operates one of its two global headquarters in Morrisville.

The new chairman is Ning Min, a longtime employee of Lenovo Group or Legend – its original name.

“Chairman Liu is not only Lenovo’s founder, but also an outstanding leader. He led Lenovo through many watershed moments and created one milestone after another. With his wisdom, he helped build a new kind of global company. His profound management philosophies, passion for building a strong culture, and unmatched vision will be a tremendous legacy for us,” Yang said when Liu took on the Lenovo Group role.

“I know that Legend Holdings will now be his focus, but Lenovo will always be part of Chairman Liu, and Chairman Liu will always be part of Lenovo.”

Lenovo founder to retire from chairmanship of tech giant’s parent, reports say