Liu Chuanzhi, founder of Chinese computer manufacturer Lenovo, has stepped down as the president of its parent company, Legend Holdings.
The company announced the news midday Monday.
Liu will remain chairman of the company. He will be succeeded in his old role by Zhu Linan, a member of the company’s executive committee and a former executive vice president.
It’s the latest step for the 68-year-old Liu, who stepped down as Lenovo’s chairman late last year to focus on his role at Legend. At the time, he was reported to shift his focus to accelerating Legend’s growth, building its core operating assets and drive it toward an initial public offering between 2014 and 2016. Aside from Lenovo, Legend’s major subsidiaries include Legend Capital, Raycom (real estate) and Hony Capital, and the company’s holdings span the IT, real estate, consumer services, chemical and agriculture industries.
Lenovo is China’s largest PC maker and the world’s second-largest. The company has met its outsized ambition with growth that allowed it to challenge Hewlett-Packard, once its inspiration.