Lenovo CEO resigns

LENOVO'S CEO has fallen on his sword and quit after the outfit announced a $96.7 million quarterly loss.

CEO William Amelio resigned after a management reshuffle. He will be succeeded as chief executive officer by chairman Yang Yuanqing. Co-founder Liu Chuanzhi would return as chairman, replacing Yang.

The outfit's global sales fell 20 per cent in the three months ending December 31 compared with last year.

Amelio joined Lenovo from Dell, where despite the fact sales more than doubled in the region and service levels improved significantly, he was fired in 2009 after the company reported substantial losses. µ