Lenovo Chairman Quits as Profits Double

Liu Chuanzhi, the founder of Lenovo, the world's second largest computer maker, has decided to step down as the company's chairman.

The news comes as the company, which beat Dell to the second spot in the global PC market, reported an 88 percent rise in profit in its second fiscal quarter.

Lenovo, which has seen strong demands from businesses in the US and consumer market in China, reported a net income of $143.9 million, or 1.38 cents a share, from $76.6 million, or 0.76 cent in the second fiscal quarter last year.

The company also reported sales of $7.8 billion in its second fiscal quarter which represented an increase of 35.2 percent over last year.

Liu has stepped down from his position as chairman and has handed his position over to Yuanqing Yang, the chief executive officer of Lenovo. Liu had promised that he won't leave the company at bad time when he had first taken up his role as the chairman.

Lenovo said that from now on Liu will focus more on Lenovo's parent company Legend Holdings, which is expected to file for an IPO between 2014 and 2016.