Liu Chuanzhi, Lenovo Group's founder and chairman, is moving aside for CEO Yang Yuanqing to assume the dual role of chairman and CEO.

Liu returned as chairman in February 2009 to help turn the company around successfully after the economic downturn. He will now become honorary chairman of Lenovo. He will focus most of his efforts on Lenovo's parent company, Legend Holdings, to significantly accelerate growth, build core operating assets, and drive Legend Holdings to a targeted initial public offfering between 2014 and 2016.

Yang previously served as Lenovo Chairman from 2005-2009.

Lenovo also announced that John Zhao, CEO of Hony Capital Limited, and a director and senior vice president of Legend Holdings, is joining Lenovo's board of directors as a non-executive director, effective on November 3, 2011.

As honorary chairman, Liu does not have any management role in the company or any of its subsidiaries. He will be consulted on corporate affairs if necessary and will not receive any remuneration for this appointment.