The founder of Chinese computer giant Lenovo Group has stepped down as chairman, the company said as it reported a nearly 88 percent year-on-year surge in third-quarter net profit.
Liu Chuanzhi, the famed 67-year-old founder of the world's second largest computer maker, has resigned as chairman to focus on work in the firm's parent Legend Holdings, the company told the Hong Kong Stock Exchange on Wednesday.
Yang Yuanqing, who is currently chief executive of Lenovo, will also take over as chairman.
The Chinese firm took second place in terms of global sales in the second quarter this year, unseating Dell, while Hewlett-Packard remained number one, according to technology research company Gartner.
Beijing-based Lenovo said its net profit jumped 87.9 percent year-on-year in the July-September period on strong sales growth in China and other emerging markets.
The company recorded a net profit of 143.9 million yuan ($22.8 million), compared with 76.59 million yuan a year earlier. Sales grew 35.2 percent on year to 7.8 billion yuan in the quarter.
Lenovo said it "remains optimistic" that growth will continue, despite uncertainties in the global economic recovery, the debt crisis in Europe and possible weaker demand for personal computers as people turn to tablets.
Lenovo's share of the personal computer market in China, which accounts for more than 40 percent of the group's total sales, expanded to 31.6 percent at the end of September.
The company has also stepped up efforts to push into overseas markets. Earlier this year it acquired German electronics group Medion AG in a deal aimed at boosting its presence in Europe.
In January, Lenovo and the Japanese electronics company NEC Corp. unveiled a joint venture that will allow Lenovo to make in-roads into the Japanese market.