Chairman of Legend Holdings Liu Chuanzhi announced his retirement on Wednesday.

The company's executive director, senior vice president, and chief financial officer Ning Min took over as chairman, and the company's senior vice president Li Peng became chief executive officer.

Liu, age 75, is a Chinese entrepreneur, well-known for founding Lenovo in 1984. The company has gradually developed over the past 35 years to become the world's leading and biggest PC producer. It acquired IBM's PC business in 2004 and bought cellphone brand Motorola from Google 10 years later.

The company was listed on the Hong Kong stock market in 2015.