IBM loss - at the time the biggest in American corporate history. Lou Gerstner was hired as CEO from RJR Nabisco to turn the company around. In 2002, IBM acquired PwC consulting, and in 2003 it initiated a project to redefine company values, hosting a three-day online discussion of key business issues with 50,000 employees. The result was three values: "Dedication to every client's success", "Innovation that matters—for our company and for the world", and "Trust and personal responsibility in all relationships". In 2005, the company sold its personal computer business to Chinese technology company Lenovo and, in 2009, it acquired
Lenovo were driven by the popularity of Apple's iPhone and Lenovo's desire to increase its market share in mainland China. Lenovo passed Apple to become the No. 2 provider of smartphones to the Chinese market in 2012. However, due to there being about 100 smartphone brands sold in China, this second only equated to a 10.4% market share. In May 2012, Lenovo announced an investment of US$793 million in the construction of a mobile phone manufacturing and R&D facility in Wuhan, China. On January 27, 2011, Lenovo formed a joint venture to produce personal computers with Japanese electronics firm NEC. The