Lenovo Posts Loss, CEO Steps Down

By Geoff Duncan Published February 5, 2009

Lenovo Posts Loss, CEO Steps Down

Chinese computer maker Lenovo has announced its financial results for its third fiscal quarter of 2008/2009—and the news brings both a loss and a management shakeup. From October through December of 2008, the company posted a loss of $96.7 million, which was greater than even the highest market estimates for the company’s quarterly loss. Lenovo also revealed that desktop sales were down by about 20 percent year-on-year and the company’s margin was hard-hit by currency fluctuations and the computing market’s shift towards low-cost, entry-level PCs. Notebook sales were up 3 percent compared to the same quarter a year ago. The company also announced that CEO William Amelio is stepping down, to be replaced by current Lenovo chairman Yang Yuanqing.

“In the past quarter, same as many other companies, Lenovo was deeply impacted by the global economic turmoil,” said Yuanqing, in a statement. “We have taken actions to ensure that, in an uncertain economy, our business operates as efficiently and effectively as possible and continues to grow in the future.”

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Lenovo gave no reason for Amelio’s departure save to note that he was at the end of a three-year contract. Amelio will remain on-hand in an advisory capacity through September, although the company’s senior management changes are effective today.

The loss was the first since the first calendar quarter of 2006, when the company posted an $89 million loss due to one-time restructuring charges.

Lenovo launched a company-wide restructuring in January which it expects will save the company about $300 million in its 2009/2010 fiscal year.

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