75 Year Old Liu Chuanzhi Officially Retire From The "Black Horse" Ningbo To Continue The Two Wheel Drive Business Mode.

This is a "late" retirement. As a symbol and legend of a generation of Chinese entrepreneurs, Liu Chuanzhi formally discharged his position as chairman of Lenovo holdings in December 18th.

At 16:30 on December 18th, 03396.HK announced that Chairman Liu Chuanzhi (75 years old) and President Zhu Linan (57 years old) had formally submitted their resignation to the company. The successor to the chairman was Lenovo, former chief financial officer of Lenovo Holdings (50 years old), and Li Peng, a senior vice president of former Lenovo Holdings (48 years old), who took over as chief executive.

According to the announcement, after retirement, Liu Chuanzhi will no longer participate in the daily operation and management of the company, nor will he serve as a member of the board. He will serve as honorary chairman and senior consultant of Lenovo holdings, as well as members of the board's strategy committee. He will still care about the future development of the company and contribute his own value in another way.

After the outgoing president, Mr. Zhu Linan will not consider other development platforms, but still remain a member of Lenovo's board of directors and board of directors, and will continue to contribute value at this level. He also served as chairman of Junlian capital and director of Lenovo Group.

In addition, in the current round of personnel adjustment, Zhao Linghuan and Chen Shaopeng no longer held the management position of Legend Holdings, while Zhao Linghuan was still a member of Lenovo holdings and a member of the strategy committee.

As the chairman and CEO of Hongyi investment, Zhao will continue to focus on Hongyi's investment strategy and business development. Chen Shao Peng, as the chairman of Jia Wo Group, will continue to focus on the strategy and business development of Jia Wo Group.

On the day of the announcement, Lenovo holdings reported HK $17.38 / share, up 2.115% on the day, with a market value of HK $40 billion 951 million and a P / E ratio of 8.8 times.

Liu Chuanzhi, former chairman of Legend Holdings. Data map

Established succession plan

Lenovo told the twenty-first Century economic news reporter that choosing the current time point to announce the change of leadership team is actually the implementation of the previous plan. At the same time, the company's strategy is clearer and its leadership is more mature since its listing.

"Today's Lenovo holding strategy is clear, team maturity, inheritance plan is the needs of enterprise development, is supported by the board of directors, Zhu Linan and I carefully designed, long-term preparation of system planning. The personnel arrangement is fully in line with the company's realistic and long-term development demands, and I am very happy to implement it today. Liu Chuanzhi said.

According to a person close to Lenovo holdings, Liu Chuanzhi and Zhu Linan began to seriously prepare for succession and succession in the early 2015 when Lenovo was listed.

"Liu and I agreed that Lenovo's core leadership team should be a young, innovative and internationalized force." Zhu Linan said: "Ning and Li Pengde are both leaders. They are leaders with strong career ambition and forward-looking thinking. They highly agree with the vision of" industry to serve the country "and agree with the guiding ideology of" high goal and down-to-earth ". We are full of confidence in the new leadership core of Ningbo and Li Peng. "

Later, after Internal observation, training and evaluation, and external selection, Liu and Zhu agreed that Ning and Li Peng were the most suitable chairmen and CEO successors.

At the beginning of 2019, Liu Chuanzhi and Zhu Li had fully exchanged with Nandu Ning and Li Peng, and carried out nearly one year's promotion, running in and drilling, and the process was smooth. In December 18th, the board voted, and the succession plan was finally implemented.

Ning Ning and Li Peng are responsible for the future development of legend holding company as the new core of the company. This arrangement is in line with the company's realistic and long-term development demands, "Legend Holdings told reporters." the two will work together as the new core of leadership, plan and implement all important work of the company, and be responsible for the future development of the company in accordance with the decisions of the modern enterprise system.

Ning Qi joined Lenovo in 1991. He served as executive director and chief financial officer of Legend Holdings for a long time. He was fully responsible for the company's finance and capital, risk control and auditing, as well as capital market and public relations and other related work. He also chaired the operation management of Lenovo's financial investment business.

During his time as chief financial officer, he made outstanding achievements in the company's capital and financial management, capital operation and other aspects, including leading the completion of the first pilot enterprise of Lenovo listing and H-share circulation. During the company's financial investment, Lenovo's financial investment block and its own direct investment business have made considerable progress.

Li Peng joined Lenovo in 2003 and has long been committed to the development of strategic investment business and post investment management. In the initial stage of the company's strategic investment business, it is the formulation and implementation of the investment strategy, and is responsible for the investment and management of multiple sectors, including the successful leadership of the company's real estate business.

During the presided over the financial services and overseas investment, the leaders set up a sound financial services business segment, set up overseas business investment team, give full play to the international vision and professional strength, and led the team to complete the acquisition of Luxemburg international bank.

In the future, Ning will take charge of the board of directors as chairman, and participate in the future strategic planning and business development of the company on behalf of the board of directors. He will also be chairman of the board Nomination Committee and Strategy Committee, as well as members of the Remuneration Committee.

And CEO Li Peng will be fully responsible for Lenovo's operation management, business development, and the achievement of goals and achievements. At the same time as Luxemburg International Bank vice chairman, La Kara, Zheng Qi finance, koala technology and other company directors.

Lenovo, the new chairman of Lenovo holdings. Data map

Maintain two wheel drive business mode

Lenovo has been holding a two wheel drive business model, that is, "strategic investment + financial investment": strategic investment for long-term holding purposes, focusing on strategic direction to purchase and build and optimize portfolio, and build pillar businesses; financial investment is guided by financial returns, and choose the right product and target portfolio investment.

From the CVs of Ning and Li Peng, the two came from Lenovo's property and strategic investment business respectively. At the same time, after many years of experience and training, they were repeatedly successful in the development of Legend Holdings.

Lenovo told reporters that as a new leader of Lenovo holdings, it will focus on three areas: first, the further learning and growth of the core team, and the continuous development of organizational development and the deepening of the talent echelon; second, to continue to promote the relevant strategy and strategy of the strategy (strategy 2); third, to combine the internal and external environment, and to study and formulate the next medium-term development strategy of the company (strategy 3).

According to public information, during the current strategic 2 (2015-2020) period, from 2015 to 2018, the annual revenue increased from 299 billion 500 million yuan in 2015 to 358 billion 900 million yuan in 2018, and the growth of net profit was quite stable.

As of June 30, 2019, the company's revenue in the first half of the year was 179 billion 311 million yuan, a substantial increase of 15% over the same period last year, and net profit of 2 billion 665 million yuan, down 6% from the same period last year. Among them, the revenue from the financial services sector increased by 119% over the same period last year, and is gradually becoming an important revenue contribution business.

During the period of strategy 2, in addition to the IT business of Lenovo Group, which contributed a lot of revenue, advanced manufacturing, agriculture and modern services, especially the financial services business sector, in July 2018, by Li Peng, Lenovo holdings completed the acquisition of 90% stake in Luxemburg International Bank in 1 billion 500 million euros, and gradually developed into Lenovo's pillar assets besides IT.

Lenovo said that with the support of the board of directors, the company will combine the external environment to assess the situation, constantly improve and optimize the strategy, and give full play to the unique advantages of "two wheel drive". On the one hand, it will deepen the existing businesses, further optimize assets and enhance returns. On the other hand, it will grasp the opportunities dynamically through macro research and rational allocation of resources, continue to build pillar assets, and strive to enhance the overall value of enterprises, while contributing more to the development of the real economy. At the same time, the company must be committed to the continuous development of organizational capabilities and the deepening of personnel echelon construction.