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Lenovo Holdings has dismissed rumours that Mr Liu will be paid 100m a year: he was no longer paid for his job last year

via:第一财经     time:2021/10/12 17:05:42     readed:126

Liu Chuanzhi, who retired at a high debt ratio of about 100m yuan, has also been questioned as Lenovo group ends its IPO. Earlier, it was reported that Liu Chuanzhi in Hong Kong listed Lenovo Group to take $3.17 million in annual salary, its annual salary in 2020 as high as 7.635 million yuan,Based on exchange rates, this means that Mr Liu, who has been retired for nearly two years, has an annual salary of about $100m.

On the afternoon of October 12, Lenovo Holdings responded exclusively to The First Financial Reporter,Online transmission "Mr. Liu Chuanzhi retired about 100 million yuan salary" seriously misreprestrued.In addition, on December 31, 2019, Liu Chuanzhi retired from Lenovo Holdings and ceased to serve as a director and management officer of the Company, serving as Honorary Chairman, Senior Advisor and Member of the Strategy Committee of the CompanyStarting in 2020, Mr. Liu will no longer receive job compensation from Lenovo Holdings, including salary, bonuses, medium- and long-term incentives, etc.

Lenovo Holdings' earnings show that executive compensation includes salaries, discretionary bonuses (annual performance bonuses), medium- and long-term incentives, other benefits (mainly basic social benefits and company supplementary benefits), and contributions to pensions and employee pension plans.

According to the data, Liu Chuanzhi's income mainly comes from Lenovo Group and Lenovo Holdings.

Among them, the first financial reporter to consult Lenovo Holdings financial results found thatLiu Chuanzhi's total compensation for 2017-2019 was 36.73 million, 40.61 million yuan and 76.03 million yuan, respectively.The total compensation for 2019 is much higher than in previous years, as Lenovo Holdings paid Liu Chuanzhi a one-time pension of 25.26 million yuan. As of December 31, 2019, Liu's 76.03 million salary includes $16 million in compensation, $21.6 million in discretionary bonuses, $11.43 million in medium- and long-term incentives, $25.26 million in pensions and $1.73 million in other benefits, according to the results.In Lenovo Holdings' 2020 annual report, Liu Chuanzhi was no longer in the executive sequence and did not disclose the specific pension amount of Liu Chuanzhi.

On Lenovo Group, Liu Chuanzhi announced on November 2, 2011 that he would step down as chairman of Lenovo Group, serving as honorary chairman of Lenovo Group, and Yang Yuanqing, chief executive officer, also served as chairman of the group. According to Lenovo's financial results, Liu Chuanzhi's compensation in the 2009/10, 2010/11 and 2011/12 fiscal years was $2.28 million, $3.44 million and $3.17 million, respectively. It is worth noting that Lenovo's financial results are based on fiscal years rather than natural years, each of which runs from April 1st to March 31st of the following year. Since then, Liu Chuanzhi's name has not appeared on Lenovo's executive compensation statement. In addition, Lenovo pays Mr Liu $1.5m (about Rmb9.6m) a year in pensions.

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