Lenovo CEO Steps Down Amidst Huge Losses

It looks like Lenovo is shaking some things up in the midst of a $97 millon loss third-quarter loss. CEO William Amelio has stepped down, and is being replaced by Chairman Yang Yuanqing. More from Bloomberg:

Lenovo Group Ltd., the world’s fourth- largest personal-computer maker, posted its first quarterly loss in almost three years and said Chief Executive Officer William Amelio resigned as sales in the U.S. and China plunged.

Amelio, 51, will be replaced by Chairman Yang Yuanqing, while founder Liu Chuanzhi returns as chairman starting today, the Chinese company said in a statement today. The fiscal third- quarter loss of $96.7 million was triple the median of four analyst estimates compiled by Bloomberg.