“William Amelio resigned today from his job as president and CEO at Lenovo Group Ltd., as the PC maker reported a $97 million loss for the last three months of 2008,” Sumner Lemon reports for IDG News Service.
“Amelio, a former Dell Inc. executive, had led a broad restructuring of Lenovo’s worldwide operations since he took over as CEO in late 2005. Just last month, for example, Lenovo said it planned to lay off 2,500 workers, cut executive salaries and combine its operations in Russia and the Asia-Pacific region,” Lemon reports.
“But the company’s business outlook has only grown worse since then. In today’s announcement of its latest financial results and Amelio’s departure, Lenovo said revenue declined 20% on a year-to-year basis in its fiscal third quarter, which ended Dec. 31,” Lemon reports.
“Amelio is being replaced as CEO by Yang Yuanqing, who was Lenovo’s CEO from 2001 to 2004 and has been its chairman since then. Liu Chuanzhi, Lenovo’s founder and chairman prior to Yang, will now re-assume that position at the company,” Lemon reports.
“Amelio is the second American CEO to step down since Lenovo acquired IBM’s PC division in 2005 and moved its corporate headquarters to the U.S. His predecessor, Stephen Ward, who became CEO immediately following the acquisition, resigned later that year,” Lemon reports.
Full article here.
MacDailyNews Take: Didn’t Lenovo get the memo? After the last debacle, everyone agreed: “No More Amelios.”
