Lenovo is planning to lay off 200 employees at its Beijing HQ, including 10 senior executives.
The outfit posted a 78 percent drop in profit to $23.44 million for Q3, a record low since it acquired IBM's PC business back in 2005. According to Reuters, the restructuring plan will be announced on January 8th, and the company has already frozen further hiring and plans to fire contractors at its plants.
Last week, China Business news reported Lenovo could merge its China and Russia operations with its Asia-Pacific operations. According to the report, David Miller, President for the Asia Pacific region, would resign, while Chen Shaopeng, the current president of the Greater China region, would head the merged operations.
Lenovo reportedly to reorganize in mid-January
Published in News
Lenovo to sack 200 at Beijing HQ
Only 10 senior execs on the list