Feeds

IBM Lenovo gets new head

Eyes dotted, teas crossed

  • alert
  • submit to reddit

Lenovo has appointed a chief executive as it completes the buyout of IBM's PC business.

Lenovo is the proud new owner of IBM’s PC business which has makes it the world’s third largest PC maker behind Dell and HP. The deal needed US government approval because Lenovo is part-owned by the Chinese government.

Stephen Ward, Lenovo’s newly appointed chief executive, said the firm would have new products ready for release within weeks.

Yuanquing Yang is taking over as chairman from Lenovo’s founder Lui Chaunzhi who stays on as a non-exec director. Ward takes over as CEO - he was previously general manager of IBM’s personal systems group. Robert Moffat and Henry Chow will sit on the Lenovo board as observers.

Three additional board members will be appointed once the funding deal goes through. The company is raising $350m from private equity groups Texas Pacific, General Atlantic and Newbridge Capital.

Lenovo paid $1.25bn for IBM’s PC business, $650m in cash and $600m in Lenovo shares. The firm claims one third of the domestic Chinese market. Lenovo will retain IBM's ThinkPad brand for notebook computers.

Press release on IBM.com here. ®

Related stories

HP tops out in Asia
Lenovo raises $350m for IBM PC takeover
IBM Germany will be Lenovo from May

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.