(Yicai Global) Oct. 12 -- The founder and honorary chairman of Lenovo Group, who retired two years ago, no longer receives any salary-based remuneration from the firm, the world’s biggest PC maker told Yicai Global exclusively today in response to rumors circulating on social media.

Liu Chuanzhi, who stepped down on Dec. 31, 2019, does not hold any managerial positions at Lenovo and as such is not entitled to a wage, any bonuses nor incentives, the Beijing-based company said. But the company does give Liu a pension of USD1.5 million a year, it added.

Lenovo still pays Liu USD3.17 million a year and parent firm Legend Holdings paid him more than CNY76 million (USD11.8 million) last year, according to rumors that started to circulate on WeChat and other social media platforms after the PC maker pulled its planned Shanghai listing on Oct. 10.

In his last year of employment in 2019, Liu was paid a salary of CNY16 million (USD2.5 million), a discretionary bonus of CNY21.6 million, medium- and long-term incentives of CNY11.43 million, a retirement package of CNY25.26 million and other benefits of CNY1.73 million, according to company financial statements.

Editor: Kim Taylor