Lenovo: New World. New Thinking. New CEO. New Chairman.

For Lenovo it’s a bit like Michael Dell returning to Dell. Or Steve Jobs returning to Apple (AAPL). Stung by a brutal third-quarter loss, its first in nearly three years, the PC maker ousted CEO Bill Amelio and called in former CEO Yang Yuanqing and founder Liu Chuanzhi to reverse its declining fortunes.

Yang, who served as chief executive officer from 2001 to 2004 and is credited with building the company’s China business, will take up the CEO reins, while Liu, who co-founded the firm in Beijing in 1984, will be reinstated as company chairman. Together, they will work to improve the company’s position in a world-wide PC market dominated by multinational vendors like Hewlett-Packard (HPQ) and Dell (DELL). But to do that, it must first shore up its business at home. Said Liu: “Lenovo has grown successfully on the international stage, but at this important time, we want to pay particular attention to our China business as it represents the foundation of our global business and growth strategy.”