Lenovo founder Liu Chuanzhi has stepped down from his position in the company. He has being serving as the president of Lenovo’s parent company, Legend Holdings, reports MarketWatch. Liu will remain the chairman of the company. Liu will be succeeded by a former executive vice president and a member of the company’s executive committee, Zhu Linan.
The Economist detailed his work in 2001:
Legend was triumphing over its competitors. It had lower costs than the foreigners, but its biggest advantage lay in its distribution network. Mr Liu used his ties to China’s state-owned enterprises to sell them computers, and dispatched armies of retail staff throughout China to teach first-timers how to click a mouse. He could not match the Americans in R&D spending, but he made up for this in local touch. Legend, for instance, pioneered a new keyboard that made it easier to write Chinese characters. In 1997, Legend became China’s top-selling brand.