Statement on Lenovo President and COO Rory Read Becoming CEO of AMD
RALEIGH, NC and BEIJING, CHINA – August 25, 2011: Today, Rory Read, formerly president and chief operating officer at Lenovo, the third-largest PC maker in the world, was named as Chief Executive Officer at AMD, a global semiconductor design leader.
Lenovo has been the fastest growing major PC manufacturer for seven straight quarters. The company recently announced its first quarter earnings, including record global marketshare (12.2%), record quarterly unit sales (more than 10 million) and gains in virtually every region and product segment, while almost doubling profits year-to-year.
The following statement is attributable to Lenovo CEO Yang Yuanqing:
“Rory Read has made a significant contribution to our success during his time as president and COO at Lenovo. His selection as CEO of AMD is a great reflection of the way the industry views Lenovo’s talent and our performance.”
“Lenovo has tremendous momentum in the marketplace – and we are committed for the long term to delivering great PCs, mobile Internet devices and personal technology to customers around the world. Rory has played a key role in our record-setting growth and our consistent performance. I am very confident that we have a strong team, great products, and the right strategy. Based on that, we will continue our strong growth momentum. Even with the changed industry landscape, we believe that our innovation and efficiency will make us the ultimate winner in the PC market.”
Lenovo has no immediate plans to name a new president/COO. The functions that reported to Read will now report to Yang.
Lenovo (HKSE: 992) (ADR: LNVGY) is a US$21 billion personal technology company serving customers in more than 160 countries, and the world’s third-largest PC vendor. Dedicated to building exceptionally engineered PCs and mobile internet devices, Lenovo’s business is built on product innovation, a highly-efficient global supply chain and strong strategic execution. 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. Its product lines include legendary Think-branded commercial PCs and Idea-branded consumer PCs, as well as servers, workstations, and a family of mobile internet devices, including tablets and smart phones. Lenovo, a global Fortune 500 company, has major research centers in Yamato, Japan; Beijing, Shanghai and Shenzhen, China; and Raleigh, North Carolina. For more information see www.lenovo.com.