Xiaomi, The Chinese Tech Giant company has undergone a major leadership reshuffle. Xiaomi co-founder & Chairman "Lei Jun" has stepped down from his role as the company’s Chinese president
as reported by the Technode, Xiaomi notified its employees of major leadership changes according to an internal company letter, following a drop in smartphone market share since he took the position in the month of May. Besides Lei, the company reshuffled seven other high-ranking executives within the ranks of the world’s fourth-largest smartphone maker.
Xiaomi market share in China has shrunk to 9% from 12% over the past six months
The leadership change could primarily be because of the company’s back-to-back disappointing quarterly results. If you are not aware, Xiaomi’s market share in China has shrunk to 9% from 12% over the past six months. The company did witness a 5.5% year-on-year (YoY) growth according to market research firm Canalys.Lu Weibing, the head of Xiaomi's spun-off brand Redmi, will now take over Lei Jun's responsibilities. In other major changes, former president Lin Bin was promoted to the company vice president, and CFO Zhou Capital was promoted to president of international business.
According to the company's Q3 results, its smartphone business dropped 7.8 percent year-on-year due to slowdown in China market. As per a report from analytics firm Canalys, Xiaomi's market share dropped to 9 percent from 13.1 percent at the same time last year according to market research firm Canalys.
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