Liu resigns as president of Legend Holdings

Information technology guru Liu Chuanzhi resigned on June 18 as president of Legend Holdings Ltd, the parent company of the world's second-largest PC maker Lenovo Group Ltd, according to a statement released by Legend.

Zhu Linan, the company's executive vice-president, will be the next president.

"Zhu played a very important role in drawing up the group's mid- and long-term strategies and he is able to keep the company moving forward," Liu said.

Liu's resignation is believed to be a part of his retirement plans, which started last year when the 68-year-old resigned from his post as Lenovo's chairman.

However, Liu is not likely to leave the management team before Legend's IPO, IT website tech.qq.com reported, citing an unnamed source from the company. The company said in 2010 that it would launch an IPO in the next five to seven years.

Liu will continue to serve as Legend's chairman of the board, the company said.