Former Lenovo Chairman Liu Chuanzhi was elected the company's parent Legend Holdings' new president to replace Zeng Maochao, according to a news briefing by Legend on Tuesday.

Legend Holdings' new board of directors will consist of Liu Chuanzhi, Deng Maicun, Zeng Maochao, Lu Zhiqiang and Zhu Linan.

The company also announced at the news briefing that China Oceanwide Holdings Group became its third largest shareholder by buying 29 percent of its stake.

After Oceanwide bought into Legend Holdings, the Chinese Academy of Sciences Holdings' share in the company was reduced from 65 percent to 36 percent, and shares held by employees remain at the current proportion of 35 percent.

(China Daily September 9, 2009)