Lenovo has declared a loss of $96.7 million this quarter. CEO William J. Amelio has also resigned from the company. Chairman Yang Yuanqing will replace Amelio.

Lenovo is the world’s fourth-largest PC manufacturer. Lenovo founder Liu Chuanzhi will come back as the chairman.

The company posted loss due to the economic turmoil in the world. Lenovo sales fell 20 percent in the three months ending Dec. 31 in comparison to the same period of 2007.

CEO Amelia worked for Dell Inc. and IBM before joining Lenovo in 2005. He oversaw the development of consumer sales in Europe, India and other non-China markets and cost cutting measures. He was also present during the deal with the IBM unit.

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