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Xiaomi welcomes new president as co-founder Lei Jun steps down!

A few days until the start of a new year, Xiaomi will be undergoing a few internal shifts as its co-founder Lei Jun announces he will be stepping down as the brand's China president.
Xiaomi welcomes new president as co-founder Lei Jun steps down!
Lei Jun, image from Vulcan Post

Xiaomi readies for new management as Lu Weibing becomes new China president

Replacing Lei Jun is Lu Weibing. He has been appointed as the President of Xiaomi's China region but will double duty as the General Manager of the Redmi brand.

Along with this change, there are also promotions. Wang Xiang, formerly Senior Vice President of the Group and Head of Global Business, has taken over as President of the Group. His responsibilities include managing the Xiaomi's administrative platform as well as assist the Group's CEO Lei Jun in the Group's operations.

Lei Bin will remain as Executive Director, Vice Chairman of the Board and President of the Group's Smartphone Department. He Yong moves up as the Vice President of government affairs, administrative affairs, and regional management department. Meanwhile, Senior Vice President and CFO, Chew Shou Zi takes the position of President of the Group’s Global Business Department.

Xiaomi also set up a CFO Search Committee comprising Liu Qin, Wong Shun Tak and Chew Shou Zi (Group's current CFO). The committee will identify individuals who are suitably qualified to be the CFO and make sound recommendations to the Board on the appointment of the CFO.

Welcoming the new appointees is the brand’s Q3 milestones. Xiaomi is proud to have recently generated CNY 53.7 billion in Q3 2019, 5.5 percent YoY increase, and an adjusted net profit of CNY 3.5 billion, up 20.3 percent YoY. They also celebrated a gross profit of RMB 8.2 billion, up 25.2 percent YoY and Gross profit margin of 15.3 percent. 

Source: Xiaomi, Via: FoneArena
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