The father of China’s tech entrepreneur class, Liu Chuanzhi, is to step down as chairman of Legend Holdings, settling long-running succession questions at the owner of the world’s largest PC maker and one of China’s top investment groups.
Control of the sprawling company, whose investments range from PC and smartphone maker Lenovo to a private bank in Luxembourg and a stake in Goldman Sachs’ China-based investment banking unit, will be handed to Ning Min, an executive director, on January 1.
Mr Liu stepped down as chairman of Lenovo in 2011. The 75-year-old has withdrawn from some day-to-day responsibilities in recent years, according to people familiar with the matter, leading to questions over the group’s direction.
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