Legend Holdings, the parent company of Lenovo Group, said in an official announcement that Ning Min, the company's chief financial officer, will become the new chairman.

Born in Zhenjiang, Jiangsu Province in east China, in 1944, Liu was one of the pioneering Chinese entrepreneurs who ventured to start businesses in the 1980s. Liu and several fellow scientists from the Chinese Academy of Sciences founded Lenovo in 1984. After its acquisition of IBM's PC business in 2004, the company thrived and became the world's largest PC seller.

Liu also successfully led Lenovo's shareholding reform in 2001, which turned the company from state-owned to private-owned, a pioneering endeavor that had a major impact on Chinese industry.

In 2011, Liu stepped down from Lenovo Group and focused on the activities of Legend Holdings.