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Xiaomi co-founder Lei Jun reportedly steps down as president of China market |
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Xiaomi co-founder Lei Jun reportedly steps down as president of China market |
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12-02-2019, 11:42 AM
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Xiaomi co-founder Lei Jun reportedly steps down as president of China market
Lei Jun, the Chairman and Co-founder of Xiaomi, has reportedly stepped down from his position as President of China operations. According to a report, the company notified its employees of major changes in leadership roles via an internal letter circulated last week. Jun’s responsibilities will now be handled by Lu Weibing, who is currently the head of Redmi, the spin-off brand from Xiaomi. The company has made other changes to the leadership roles as well.
Technode reports citing internal letter than former president Lin Bin has been promoted to company vice president. As part of leadership changes, the company has also promoted CFO Zhou Capital to president of international business. “Next year will be an offensive year for Xiaomi’s 5G business, and it will also be a key year for Xiaomi to promote mobile phone + AIoT,” Jun said in the letter. “We need more powerful group management support. It is necessary to continue the organizational innovation vitality brought by the cadre rotation mechanism,” he added. Watch: Xiaomi MIUI 11 Features During the third quarter of 2019, Xiaomi saw its smartphone shipments and market share decline from the same period last year. According to Canalys, Xiaomi shipped 32.5 million smartphones to achieve a market share of 9.2 percent. However, it’s market share contracted 3 percent on a year-on-year basis. Xiaomi saw decline in market share while Samsung, Huawei and Oppo registered positive growth in this quarter. The company’s third quarter results noted 7.8 percent year-on-year decline in smartphone business revenue. The company cites slowdown in the Chinese market as the cause for this decline in revenue.  Also Read Redmi Note 8 Pro: How the popular Xiaomi phone is made in India Since getting listed on the Hong Kong Stock Exchange last year, Xiaomi reported its slowest growth yet during the third quarter. It saw a growth of 5.5 percent year on year. While its margin from smartphone business remains small and declining in China, the company is looking for new avenues. It has transformed itself into a services-oriented company and has expanded into AIoT devices as well. The immediate challenge for new leadership will be to battle Huawei, Oppo and Vivo in its home market. More... Similar Threads:
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