Tech titan Liu Chuanzhi announces retirement

ti gong / Ti Gong

Liu Chuanzhi, a veteran of China's information technology industry, has announced his retirement from Legend Holdings Corp, the investment arm and parent firm of Lenovo, the world’s top personal computer vendor.

Meanwhile, Legend has appointed new management to succeed Liu and his team, the company said.

The 75-year-old Liu, chairman of Legend Holdings, executive director and founder of Lenovo, will continue to serve as honorary chairman, senior advisor and member of the Strategy Committee of the Board of Directors, HK-listed Legend Holdings said in a statement.

“Legend is a creation of the era. It is China’s reform and opening-up that enabled us to make the best of our time, to become entrepreneurs,” Liu said in the statement.

Liu, who formerly worked in the Chinese Academy of Sciences, founded Legend (later called Lenovo) at the age of 40. Over the next 35 years, he helped Lenovo become China’s top PC maker. The company eventually expanded globally through acquiring IBM’s PC business. In 2001, Liu founded Legend Holdings and focused more on investment. Legend Holdings now has more than 20 portfolio companies.

Yang Yuanqing, chairman of Lenovo Group, called Liu “my mentor, my teacher and my lifelong friend.”

“Chairman Liu never stands still, enjoying a reputation as one of the most ambitious, energetic and hardworking entrepreneurs in China,” Yang said in another statement sent to Shanghai Daily.

Ning Min, the current executive director, senior vice president and chief financial officer of Legend Holdings, will succeed Liu as chairman. Meanwhile, Li Peng, senior vice president, has been appointed chief executive officer to succeed Zhu Linan, who has also stepped down with Liu.

Ning has experienced “a number of transformations and ground-breaking transitional phases” since 1991 when he joined Legend. He has an in-depth understanding of the company and extensive practical experiences, according to Legend Holdings.

“Legend Holdings is committed to becoming a respected and trusted global holding company, with equity in leading enterprises in multiple industries with international influence,” Ning said in a statement.