President gone but Lenovo optimistic
Mainland computer giant Lenovo Group expects to sustain its growth momentum after president and chief operating officer Rory Read left the company to become head of chipmaker Advanced Micro Devices (AMD).
Read on Thursday was named president and chief executive at United States-based AMD, the world's No 2 maker of computer microprocessors behind industry leader Intel. It is also a leading supplier of graphics chips.
Lenovo chief executive Yang Yuanqing said Read 'made a significant contribution' to Lenovo's success during his five-year stint at the computer maker. 'His selection as CEO of AMD is a great reflection of the way the industry views Lenovo's talent and our performance,' Yang said.
For seven consecutive quarters, Lenovo has been the fastest growing company among the industry's top-five personal computer manufacturers.
It is also the dominant supplier on the mainland, the world's biggest market for personal computers, with a 31.7 per cent share last quarter.
Lenovo reported a 98.3 per cent rise in net profit to US$108.8 million in its financial first quarter ended June 30, from US$54.86 million a year earlier, after it shipped a record 10.28 million personal computers.
It became the industry's third-largest supplier of personal computers with a record 12.2 per cent global market share in that quarter.
'We will continue our strong growth momentum,' Yang said.