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Lenovo CEO spends $404M on company's shares

Posted June 17, 2011

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— Yang Yuanqing is putting his money where his mouth is when it comes to optimism about the future of Lenovo.

$404 million, to be exact.

The chief executive officer at the world’s No. 4 PC maker said Friday that he had purchased 797 million shares of Lenovo stock from its parent firm Legend Holdings.

Before the purchase, Yang owned some 70 million shares or 0.7 percent of the company’s total, Lenovo said in a statement.

"While the transaction is a personal financial matter, I want to be very clear that my decision to make this investment is based on my strong belief in the company's very bright future," Yang said.

"I also appreciate Chairman [Chuanzhi] Liu and Legend Holdings support of me to become an owner of our company. Our culture is built on commitment and ownership – we do what we say, and we own what we do.

"My decision to increase my holdings represents my steadfast belief in these principles. I am extremely confident that Lenovo has the people, the technologies, the vision and the momentum to be successful and achieve our aspirations in the years ahead."

Legend Holdings remains the largest shareholder of Lenovo stock at 34.8 percent, the company said.

Yang served as Lenovo's CEO from 2001-2005, was promoted to chairman, and returned to that role to replace former Dell exec William Amelio as part of a major shakeup in February 2009.

Lenovo operates its headquarters in Morrisville although most of its operations and business are done in China. The company purchased IBM's PC division in 2005. Most of the IBM operations were located in the Triangle.

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  • Kellion Jun 17, 2011

    what i wanna know is how much they pay WRAL to post these ads...

  • LambeauSouth Jun 17, 2011

    do you see the CEO's of the Banks or the Moratges companies doing this? NO it takes a guy from China to show these big fat CEO's what is right, Now that's sad for America

  • LambeauSouth Jun 17, 2011

    Did anyone catch this other than me? Just like Cree Lighting! Don't tell me this is a U.S. company and then give them "stimulis" money. We must really be d-u-m-b to keep doing this.
    Where have you been? Lenovo has always based their MFG out of China, this division was the IBM divisionb they purchased and kept the jobs here in the US, can't say that about all of the USA born companies that have pulled up their stakes and left.

  • ayouhas2 Jun 17, 2011

    isn't that nice

  • SARCASTICLES Jun 17, 2011

    CLARIFICATION: "Lenovo CEO spends $404M on company's shares, stay tuned for future Insider-Trading/Perfect Crime. ;)

  • boneymaroney13 Jun 17, 2011

    ". . . most of its operations and business are done in China."

    Did anyone catch this other than me? Just like Cree Lighting! Don't tell me this is a U.S. company and then give them "stimulis" money. We must really be d-u-m-b to keep doing this.