China's Lenovo Fires American CEO

Chinese computer-maker Lenovo will replace its American CEO William J. Amelio as his three-year contract expires. Chairman Yang Yuanqing will take the CEO seat and Lenovo founder Liu Chuanzhi will re-take the chairmanship.

Lenovo hired Amelio in 2005. A former Dell executive, Amelio brought others from that company with him. Last year Lenovo fell behind Taiwan’s Acer to become the world’s fourth largest computer manufacturer.

Company shares are down 70% in the last year. Earlier this month, Lenovo announced plans to fire 11% of its workforce — about 2,500 people.

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