Lenovo Outlines Company Transformation Strategy - From Devices To Solutions Company
Today, during its annual global employee kickoff event broadcast to 63,000 employees, Lenovo unveiled its plans to drive transformation from a global devices company to a technology leader in global devices + solutions, services, and software. Lenovo CEO Yang Yuanqing and other executive leaders outlined the company’s strategy, structure, and goals that will fuel Lenovo’s next decade of growth and position it as one of the world’s most trusted and iconic technology leaders, delivering smarter technology for all.
“Last year at this time, none of us knew how things would turn out for Lenovo,” said Lenovo CEO Yuanqing Yang. “But we did know this: we would support each other in an unpredictable journey ahead; we would fight for the best possible outcome in an uncertain world; and we would use our technology to connect and heal a wounded society.”
During the past year the COVID pandemic drove many businesses and consumers around the world to adopt and use technology innovations in new ways, from remote learning to treating patients to pivoting their business models. They counted on Lenovo’s unique ability to provide the devices and solutions they needed to survive and thrive in this challenging environment. Lenovo’s committed, diverse global workforce ensured the company met the global need for technology solutions being the first to resume manufacturing after facilities closed early on in the pandemic, building a new factory in 47 days, and launching an impactful charitable donation effort.
Unparalleled Growth for Company’s Fourth Transformation
Lenovo’s operational and workforce resilience has led to significant growth across all areas of the business, the doubling of the company’s share price year over year, and has positioned Lenovo for its fourth transformation during its 35 year history into a broader technology leader that combines devices + services + software + solutions.
“Our share price has doubled,” Yang said. “This not only shows our outstanding execution, but also that the market views Lenovo as a resilient, winning company. We were a strong team before the pandemic, and an even stronger team after.”
Recent performance highlights include:
- For the first three quarters of FY2020, revenue grew 12% and pre-tax profit increased 48% year over year.
- Lenovo remains the undisputed number one globally in PC and tablet market share, hitting historic highs.
- Mobile achieved double-digit revenue growth year-over-year in FYQ3.
- Revenue in the data center business grew by double digits year-over-year, significantly outperforming the market for four consecutive quarters.
- Services, software, and solutions grew almost 38% year-over-year in FYQ3, now accounting for ~8% of the company’s total revenue.
- Lenovo Capital Investment Group contributed financially and strategically through seven IPOs and reached record high investment gains.
Further, Lenovo plans an additional listing on the Shanghai stock exchange, broadening investor access and unlocking greater value. This growth happens in tandem with Lenovo’s strong commitment to sustainability, as seen through a 92 percent reduction in scope 1 and scope 2 greenhouse gas emissions. Lenovo also remains committed to environmentally sound transformation, with ambitious science-based targets and identifying what it will take to reach net-zero emissions by 2050.
Unveiling New Strategy for Next Decade
Lenovo’s strategy for the next decade of growth leverages all of the strong “building blocks” the company has today and combines them into end to end solutions that align to the tech market trends and solve customer business problems in three ways:
- Device Proliferation: Whether it’s “one PC, tablet, or other device per person” more people need dedicated devices. Lenovo will offer a full range of devices for each segment, develop new form factors, incorporate 5G connectivity, explore extended reality, and offer new collaboration tools.
- End to End Infrastructure: Today customers want integrated solutions combining hardware with software, support, and expertise. Lenovo will continue to expand its offering of a broad range of infrastructure portfolios, from on-premises datacenters to private and public clouds, and edge to cloud solutions.
- AI-Supported Intelligent Transformation: Lenovo offers the foundational technology for emerging trends, including IoT, big data, algorithms, and Edge computing. Lenovo will combine hardware with services to create intelligent solutions in smart manufacturing, smart education, smart retail, and smart cities.
Effective April 1, 2021 Lenovo aligned its business groups around a new organizational structure focused on Smart IoT, Smart Infrastructure and Smart Verticals:
- Intelligent Devices Group (IDG), focused on Smart IoT
- Infrastructure Solutions Group (ISG), focused on Smart Infrastructure
- Solutions & Services Group (SSG), focused on Smart Verticals & Services
Announcing Ambitious Goals for a New Fiscal Year
Speaking to employees around the world, company Chairman and CEO Yang outlined ambitious goals to accelerate the company’s transformation over the next fiscal year, including:
- Become #1 in PC market share across large enterprise, small to medium business, and consumers
- Achieve mobile profitability in expanded markets fueled by 5G innovations
- Grow twice as fast as the company across the new Solutions and Services Group
- Achieve double-digit growth in the Infrastructure Solutions Group
“We have an exciting future, but it takes solid steps to get there on our intelligent transformation journey,” Yang said. “Be proud but not complacent. Be optimistic but stay resilient. Aim high but stay grounded.”
Lenovo (HKSE: 992) (PINK SHEETS: LNVGY) is a US$50 billion Fortune Global 500 company, with 63,000 employees and operating in 180 markets around the world. Focused on a bold vision to deliver smarter technology for all, we are developing world-changing technologies that create a more inclusive, trustworthy, and sustainable digital society. By designing, engineering, and building the world’s most complete portfolio of smart devices and infrastructure, we are also leading an Intelligent Transformation – to create better experiences and opportunities for millions of customers around the world. To find out more visit https://www.lenovo.com, follow us on LinkedIn, Facebook, Twitter, YouTube, Instagram, Weibo and read about the latest news via our StoryHub.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
EAG Expands Medical Device Testing Services with New Laboratory7.5.2021 18:22:00 EEST | Press release
EAG Laboratories is expanding its medical device testing capabilities with a new 20,000 square-foot laboratory located in St. Louis, Mo. The new laboratory is a bespoke design to support the requirements of the medical device industry. It increases EAG’s analytical capabilities, allows for improved turnaround times and helps meet evolving requirements from the FDA as well as the European Union Medical Device Regulations (MDR). Specialty features of the laboratory include: A cleanroom designed for particle isolation and identification A dedicated medical device polymer analysis laboratory State-of the-art instrumentation to support biocompatitility testing of ISO 10993-18 programs for medical devices and combination products EAG scientists have been investigating and resolving product failures for more than half a century and have a deep understanding of materials and testing procedures. The medical device laboratory expansion allows EAG to leverage that knowledge and apply it toward su
SoftServe Wins Learning and Development Honor at 2021 ATD Excellence in Practice Awards7.5.2021 14:00:00 EEST | Press release
SoftServe, a leading digital authority and consulting company, won the Excellence in Practice Award in the ‘Learning and Development’ category in the 2021 Association for Talent Development (ATD) Excellence in Practice Awards. SoftServe was recognized for its corporate learning hub, SoftServe University, which focuses on learning and development opportunities for associates, including the design and delivery of training. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210507005003/en/ Association for Talent Development logo. (Photo: Business Wire) “SoftServe is dedicated to creating a people-centric organization that allows associates to grow and develop professionally,” said Galyna Datsiv, AVP of Learning and Development at SoftServe. “Our corporate learning ecosystem within the integrated talent management framework enables us to reach SoftServe’s strategic business goals by ensuring associates are qualified and have the ex
Monument Assurance Belgium and Intégrale Reach Agreement for the Transfer of Intégrale's Entire Portfolio and Staff to MAB7.5.2021 13:26:00 EEST | Press release
Monument Assurance Belgium (“MAB”) and Intégrale have reached an agreement under which MAB will acquire the entire portfolio and all the staff of the insurance company Intégrale. This agreement follows a firm offer from MAB, which was considered by the provisional administrators appointed by the National Bank of Belgium (“NBB”) to be that which best meets the interests of Intégrale policyholders and staff. The transaction remains subject to the final approval of the NBB. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210507005270/en/ During the transition period, MAB and Intégrale will take all steps necessary to prepare for a seamless transfer for policyholders, brokers and staff. In the meantime, Intégrale's staff will continue to service policyholders and brokers as usual. In addition to the transfer of assets at the time of closing, MAB will offer an 18-month employment guarantee to all employees and, in addition, a 3-mo
The Metals Company Joins European Industry Alliances to Bolster Battery Supply Chain for the Clean Energy Transition7.5.2021 11:00:00 EEST | Press release
Today, The Metals Company (formerly DeepGreen), a developer of the world’s largest and highest-grade estimated source of battery metals, announced it has joined two of the European Union’s foremost industrial alliances—the European Raw Materials Alliance (ERMA) and the European Battery Alliance (EBA)—as the bloc advances its plans to become a global leader in the sustainable production of the batteries necessary to store clean energy and power electric vehicles (EVs). As a member of these industrial alliances, The Metals Company—which announced in March its plans to go public via a merger with the Sustainable Opportunities Acquisition Corporation (NYSE: SOAC)—brings a new, scalable source of battery metals to the table in the form of polymetallic nodules found unattached on the deep seafloor in the Pacific Ocean, which can help deliver upon their mandate for a diverse, reliable and responsible supply of critical minerals needed for low-carbon technologies. Under its Green Deal, the Eur
Morocco and UN Celebrate First-Ever International Argan Tree Day7.5.2021 09:30:00 EEST | Press release
Morocco and the United Nations will be marking the first-ever International Argan Tree Day on May 10th, 2021. The Argan tree, a tree specific to the Kingdom of Morocco, will thus be celebrated every year on May 10, as an intangible cultural heritage of humanity and ancestral source of sustainable development. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210506005652/en/ February 22, 2021: The United Nations’ General Assembly adopted by consensus a resolution proclaiming May 10 of each year as the “International Argan Tree Day” (Photo: AETOSWire) The proclamation of the International Argan Tree Day was announced on March 3, 2021, when the UN General Assembly adopted by consensus a draft resolution initiated by Morocco and hailed by all United Nations’ member states. This milestone is a culmination of Morocco’s quest to mobilize the international community to protect and further develop the country’s Argan industry. It is al
Tigo Energy Demonstrates Optimization to Installers in Brazil with Stark Renováveis Installation7.5.2021 03:14:00 EEST | Press release
Tigo Energy, Inc., the solar industry’s leading Flex MLPE (Module Level Power Electronics) supplier, announced today that Stark Renováveis has used the Tigo TS4-A-O to mitigate energy lost due to shade on their corporate headquarters in São José do Rio Preto, Brazil. Their confidence in Tigo’s solution drove the selection of the products for their own use. The Tigo solution gives installers and commercial system owners the freedom to choose their preferred inverters and panels along with the right features for optimized, monitored and PV safe systems. The Stark Renováveis team chose a rooftop PV system with 405 Wp modules organized in multiple strings and using GoodWeTM grid-tied inverters. The optimum placement of the modules was on a roof bordering a large construction wall which would ordinarily lead to shade and a degradation of the output. To mitigate the problem of energy lost due to shade, Tigo TS4-A-O optimizers were deployed to ensure the best possible system performance. "As
93rd Vifor Pharma Group Annual General Meeting6.5.2021 19:00:00 EEST | Press release
Regulatory News: At today’s 93rd Annual General Meeting of Vifor Pharma Ltd., shareholders approved all proposed resolutions put forward by the Board of Directors. In view of the ongoing COVID-19 pandemic and in accordance with Ordinance 3 on measures to combat the coronavirus issued by the Swiss Federal Council, on the basis of Art. 8 of the new COVID-19 Act, shareholders were not permitted to attend the event in person. Shareholders exercised their rights exclusively through the independent proxy and 61.6% of the share capital was represented. Shareholder approvals Shareholders approved the Annual Report and the Annual Financial Statements of Vifor Pharma Ltd., as well as the consolidated Financial Statements of Vifor Pharma Group for 2020 by a large majority. The maximum possible 2022 remuneration for the Board of Directors and Executive Committee was also approved, as well as the 2020 Remuneration Report in a consultative vote. In addition, shareholders discharged the members of th
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom