Economic Observer Online
June 18, 2012
By Yang Yang (楊陽)
Translated by Tang Xiangyang
Original article: [Chinese]

Liu Chuanzhi（柳傳志）has stepped down as the president of Legend Holdings Ltd. (聯想控股), the investment holding company which holds a controlling stake in Lenovo Group Ltd, the world's second-largest PC maker.

The company announced yesterday that Zhu Linan（朱立南), a former executive vice president and a member of the company's executive committee, would replacing Liu as president.

Legend said Liu will remain chairman of Legend's board and its executive committee.

Liu Chuanzhi stepped down as chairman of Lenovo in November last year.

Liu said that he no intention of retiring soon, noting that he plans to wait another one or two years until after the company is listed.

Liu also indicated that another "minor personnel reshuffle" was a possible in the near future.

The reshuffle of high-level personnel is viewed as being another step towards preparing the company for a listing on the stock market sometime between 2014 and 2016.

Prior to this announcement, Legend Holdings had already take another step along the road to an eventual listing when high-level executives at the company became shareholders.

Liu said the company had still not decided whether to launch its IPO at home or abroad.

Zhu said his top priority now was to promote the business performance of Legend Holdings, noting that the pressure on him was not to make sure the company was listed before 2016, but whether or not he could lead the company to a "very beautiful" listing.