BEIJING - Four days after Liu Chuanzhi returned as chairman of China's personal computer maker Lenovo Group in February 2009, he said: "I won't retreat when (Lenovo) faces a failure, I will persist until it runs on a track to success".

On Wednesday, the Chinese business veteran finally said goodbye to Lenovo - the company he set up in Beijing's Zhongguancun area in 1984 with an initial investment of 200,000 yuan ($31,500). Liu handed the chairman position over to Yang Yuanqing, who is also Lenovo's chief executive officer. Liu will become honorary chairman of Lenovo.

It seems that Lenovo is running on "a track to success", which Liu defined by three criteria - good strategy, execution and leadership in the management team.

Meanwhile, the company's business should enjoy a great growth rate - at least, at a rate surpassing industry rivals.

"When that happens, it is 'on a track to success'. And that will be the time for me to retire," Liu said two years ago.

Lenovo officials say Liu is good at various sports, such as table tennis - Liu could be one of the top three table tennis players in Lenovo.

Liu, however, has made up his mind to devote more time to golf, a hobby he developed in recent years.

"From now on, I would like to play golf every day. My home is near a golf course. I will go to the course at 7 each morning with my wife and play for about two hours," Liu said in an interview with Chinese magazine Entrepreneur in July.

Liu's standard of happiness, he said, is to cut his workload by two-thirds from previous years, and a further cut when he turns 70.

Born in China's eastern Jiangsu province in 1944, Liu has been one of most powerful business executives in China. Other iconic Chinese entrepreneurs include Zhang Ruimin, founder and chief executive officer of Haier Group, and Ren Zhengfei, founder of the world's second-largest telecom gear maker - Shenzhen-based Huawei Technologies Co Ltd.

Lenovo, has been recognized as China's best-selling PC brand since 1997. In 2005, the company made the bold move of acquiring IBM's PC division.

It was named the world's No 2 personal-computer maker by two research firms in mid-October - surpassing Dell in third-quarter shipments - and is second only to Hewlett-Packard Co.

Liu developed a set of management philosophies and techniques at Lenovo, centering on the "Three Management Keys": building a leadership team, developing strategy and "inspiring people to follow you".

Liu also said he observes at length before he decides to appoint people to important positions. "I will study their character from multiple perspectives. For example, their way of treating their family, ordinary people, even waiters in restaurants."

Jack Luo, a former Lenovo employee and now the president of Beijing Eedoo Technology Ltd, said Liu is quick-witted, always full of creative ideas.

"He cares a great deal about employees, but sometimes, he looked very serious and was less talkative, because he was thinking about things," Luo said.

A statement on Wednesday said Liu will focus most of his attention on Lenovo's parent company, Legend Holdings, to significantly accelerate growth, build core operating assets, and drive Legend Holdings to a targeted IPO between 2014 and 2016.

"I know that Legend Holdings will now be his focus, but Lenovo will always be part of Chairman Liu, and Chairman Liu will always be part of Lenovo," said Yang.