The world's fourth-largest PC manufacturer, Lenovo Group announced Thursday due to global economic turmoil a quarterly loss of $96.7 million has been reported while CEO resigns.

According to reports, Beijing-based Lenovo announced; CEO, William J. Amelio, will be succeeded as chief executive by Chairman Yang Yuanqing, and Lenovo founder Liu Chuanzhi will return as chairman.

The company will try to increase its dominance in its home market but denied that Amelio's departure means it is pulling back from ambitions to compete globally, Yang said.

I still want this company to be a global company. Absolutely we will focus not only on China but on global business, Yang said in a conference call with reporters.

Sales fell 20% in the three months ending December 31 from the same period of 2007. Shipments in China fell 7%.

Chief Financial Officer Wong Wai Ming said the PC market will remain challenging and he declined to say when Lenovo might return to profitability. However, he said, I can assure you the management is very confident that the next fiscal year will be better than the current fiscal year, expecting to record a $120 million restructuring charge, probably in the current quarter.

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On the Net: http://www.lenovo.com

China Electronics Lenovo