Lenovo Posts Loss, CEO Resigns Feb 6, 2009

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The Lenovo Group posted its third fiscal-quarter financial, which saw sales fall 20% to US$3.59 billion and gross profits fell 48.1% to $354 million. U.S. sales totaled $904 million for the quarter.

The company also replaced CEO William Amelio with Yang Yuanqing, currently Lenovo’s chairman. Company founder Liu Chuanzhi has returned to take over as chairman. Amelio will relinquish his position effective Feb. 5, but will remain with Lenovo in an advisory capacity until September, the company said.

Yuanqing said company sales have been deeply hurt by the global economic slowdown, with worldwide shipments declining 5%. Domestic Chinese PC shipments fell 7% during the quarter.

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