Xiaomi co-founder Lei Jun has stepped down as the company president for China. Credit: Beebom.

Xiaomi co-founder Lei Jun has stepped down as the company president for China as the firm undergoes key management changes, Chinese business newspaper Time Weekly reported, citing an internal letter sent to Xiaomi staff.

Lu Weibing, the general manager of Xiaomi offshoot brand Redmi, is set to replace Lei as the new president for China. Lei, meanwhile, will continue to serve in his current positions as chairman and CEO, TechInAsia reported.

In addition, Xiaomi co-founder Li Wanqiang, who used to lead the company’s marketing and brand strategy, has resigned from the company. Xiaomi senior vice president Qi Yan has also retired, but is set to retain an advisory role alongside Li.

Wang Xiang, global senior vice president and head of international business at Xiaomi, was promoted to president of the company, succeeding Lin Bin, who is now appointed to serve as vice-chairman of the board. Shou Zi Chew, chief financial officer at Xiaomi, replaces Wang in his old position.

The changes follow the Beijing-based company seeing a decline in smartphone market share since Lei held the position in May. The company posted record revenues for Q3 2019, but also a 7.8% drop in smartphone sales year on year.

Xiaomi’s market share in China also fell to 9% during the quarter, dropping from 13.1% a year ago, according to market analysis firm Canalys. Huawei’s market share in the country, on the other hand, ballooned to 42.4% from 24.9% in the same year-ago quarter, the report said.

Despite a dipping market share in its home country, Xiaomi’s international business remains strong. According to data from Canalys, the company ranked fifth among over 40 countries in terms of smartphone shipments during the third quarter.

It remained strong particularly in India and Western Europe, where it ranked first and fourth, respectively, in terms of smartphone shipments amid a year-on-year growth of nearly 91%.

Asia Times Financial is now live. Linking accurate news, insightful analysis and local knowledge with the ATF China Bond 50 Index, the world's first benchmark cross sector Chinese Bond Indices. Read ATF now. 

Join the Conversation

1 Comment

  1. Its such as you read my mind! You appear to understand so much approximately this, like you wrote the e book in it or something. I believe that you can do with a few p.c. to pressure the message house a bit, but instead of that, this is wonderful blog. A fantastic read. I will certainly be back.

Leave a comment

Your email address will not be published. Required fields are marked *