Chinese PC maker reported a nearly $97 million loss for its fiscal
third quarter.
Yang Yuanqing has relinquished his role as chairman to replace Amelio
as CEO, effective Thursday, the company said in a statement filed with
Hong Kong Exchanges and Clearing. Yang will remain as an executive
director and had served as the company's CEO until April 2005 when he
was appointed board chairman.
The announcement comes at the end of Amelio's three-year contract with
the company, Lenovo said, adding that Amelio will serve as a special
adviser until September 30.
In a separate filing with the Hong Kong exchange, Lenovo reported
losses of $96.7 million in its fiscal third quarter that ended
December 31. That compares with $172.6 million profit in the same
quarter a year earlier.
The PC maker said a market shift toward entry-level PCs, aggressive
pricing, and currency fluctuations had affected Lenovo's gross margin,
which dipped to 9.8 percent year over year. Its gross profit fell 48
percent to $354 million.
Coupled with a decline in sales, the pressure on margins resulted in
the quarter's loss, the company said.
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