Lenovo's founder Liu Chuanzhi resigns as president

BEIJING - Liu Chuanzhi, founder of China's largest PC maker, the Lenovo Group, has stepped down as the the president of Lenovo's parent company Legend Holdings, but remains as the company's chairman, the company announced on Monday.

Liu will be succeeded by Zhu Linan, former executive vice president of Legend Holdings and a member of the company's executive committee.

Zhu joined the company in 1989 and played a leading role in the company's spin-off in 2000 and the founding of Legend Capital in 2001.

Liu founded Lenovo in 1984, leading a team of 10 scientists with just 200,000 yuan ($31,746) in funding. In 2005, Liu led the company to acquire IBM's PC division.

Liu stepped down as the chairman of the board of the Lenovo Group in November 2011 and was replaced by CEO Yang Yuanqing. Liu then became honorary chairman of Lenovo and focused most of his efforts on the parent company, Legend Holdings.

Legend Holdings' other major subsidiaries include Legend Capital, Raycom Real Estate Development Co., Hony Capital and Digital China.