Lenovo plans consumer electronics unit

By Li Xinran (Shanghai Daily)
Updated: 2007-04-04 13:47
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LENOVOGroup Ltd has established a new consumer electronics unit, to be headed by its chairman Yang Yuanqing, reported.

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William J. Amelio,CEOof the world third largest PC maker, announced the decision today by on internal emails, the report said.

Yang will be the head of the new department, while Zhang Houqi, one of Lenovo's vice presidents, is expected to be the general manager, said, citing a well-informed source. "It is a complete framework consisted by directors of marketing, human resource and finance departments, among others," the source added.

Lenovo denied a rumor which said it would be divided into two companies to meet different demands in the commercial and consumer electronics fields.

Lenovo last year moved its headquarters to Raleigh, North Carolina, after acquiring IBM's personal-computer business for US$1.25 billion in May 2005.

As China's No. 1 PC producer, its net profit jumped 23 percent by reaching US$57.7 million in the fourth quarter, compared with US$46.8 million a year ago, exceeding analyst estimates of US$57 million.