HONG KONG, May 23, 2007 – Lenovo Group today announced that Mary Ma, senior vice president and chief financial officer, will retire from the company, effective today, and take on a new role as Non-Executive Vice Chairman of Lenovo.
The company also announced that Wong Wai Ming, 49, has been appointed Chief Financial Officer, reporting to CEO William J. Amelio. Prior to his appointment, Wong served on Lenovo’s Board of Directors and as Chairman of the Audit Committee from which he resigned effective today. He is also an Executive Director and Chief Executive Officer of Roly International Holdings Group. Wong will assume the role of CFO effective July 15, 2007. Ma will serve as Acting CFO during the transition period.
On the occasion of her retirement, Ma said, “It has been a delight and honor to be part of Lenovo’s many successes. It was a difficult decision to end my day-to-day involvement with the company. Lenovo has an extremely talented and committed executive leadership team in place with the strategic vision necessary to lead Lenovo into the future. My retirement does not diminish my enthusiasm for and commitment to this company. I am extremely proud of our accomplishments and look forward to many more.”
Although retiring as an active Lenovo executive, Ma, 54, will continue to advise Lenovo chairman Yang Yuanqing, Amelio, and the board of directors as needed on global strategy, strategic investments and finance-related issues and projects. Ma has also been appointed as an observer of the company’s Compensation Committee and Strategy Committee, effective immediately. She will also join the Audit Committee upon the assumption of duty of the new CFO.
Ma, who has nearly 30 years of financial and operational experience, joined Lenovo in 1990, becoming a member of the company’s board of directors in 1997 and chief financial officer in 2000. She is frequently acknowledged as setting standards for financial reporting and transparency for publicly-listed companies in China. She has been recognized as best CFO by FinanceAsia and as a leading business woman by Forbes and Fortune.
“Mary leaves us with a tremendous legacy. For 17 years, she has made countless contributions to Lenovo’s success, and has played an important role in our transformation into one of the world’s largest PC manufacturers,” said Yang. “I have no doubt that her considerable expertise, unwavering commitment to excellence, and focus on long-term shareholder value will be invaluable as we execute our strategic plan and move the company forward.”
Amelio said: “We are very fortunate to have an executive of Mary’s caliber to take on this new role. She was one of the chief architects of Lenovo’s 2005 acquisition of IBM’s PC business and has been instrumental in our successful efforts to return the business to profitability, maintain business stability, and execute a smooth organizational integration. Although Mary is retiring, I have no doubt we will continue to benefit from her counsel and experience in the years to come.
“At the same time, we are pleased that Wong Wai Ming has joined Lenovo as our new CFO. His breadth of financial experience and knowledge will be a tremendous asset as we grow our business worldwide.”
Prior to his recent positions, Wong spent more than 15 years in investment banking, where he held several senior positions, and is a member of the Listing Committee of the Hong Kong Stock Exchange. Wong is a Chartered Accountant, and holds a Bachelor of Science degree in Management Sciences from the Victoria University of Manchester in the United Kingdom.
About Lenovo Group Ltd. Lenovo (HKSE: 992) (ADR: LNVGY) is dedicated to building the world’s best-engineered personal computers. Lenovo’s business model is built on innovation, operational efficiency, and customer satisfaction as well as a focus on investment in emerging markets. Formed by Lenovo Group’s acquisition of the former IBM Personal Computing Division, the company develops, manufactures and markets reliable, high-quality, secure, and easy-to-use technology products and services worldwide. Lenovo has major research centers in Yamato, Japan; Beijing, Shanghai and Shenzhen, China; and Raleigh, North Carolina. For more information, see www.lenovo.com .