Daily Management Review

Xiaomi to replace head of company by end of year


Bloomberg, citing a letter from Xiaomi co-founder and chairman Lei Jun to employees, reports that Chinese technology company Xiaomi will replace its president by the end of this year.

Jon Russell
Jon Russell
"Wang Xiang, who worked at Qualcomm Inc. before joining Xiaomi in 2015, will step down as president (of Xiaomi) on December 30," the agency said.

Lu Weibing, the current head of the Redmi brand, sales management in China, and the company's international department, will be the new CEO.

According to the letter, two Xiaomi co-founders, Hong Feng and Wang Chuan, will no longer be involved in the company's day-to-day operations.

To combat competition, Xiaomi intends to increase investment in R&D and improve operational efficiency, according to the agency.

source: bloomberg.com