Xiaomi today announced major adjustment of its management team, with Lu Weibing becoming President of China region and remain the general manager of Redmi brand.
In its letter, Xiaomi founder Lei Jun also said Lin Bin was appointed as Vice Chairman of the Board of Directors.
CFO Chew Shou Zi will be appointed the President of Global Business Department. The Board has set up a taskforce to hire a new CFO. Shou will continue to be the CFO until the appointment of a new CFO.
Co-founder Li Wangiang has resigned due to personal reasons. Senior Vice President Qi Yan has decided to retire due to personal reasons. They will both remain as Xiaomi's senior consultants, Lei Jun said.
Lei Jun said Xiaomi will go all-out on 5G next year. It will also be a critical year to forge ahead with our "Smartphone AloT" dual-engine strategy.
We need "Smartphone AloT" dual-engine strategy. We need more organization depth and energy brought on by job rotation of our management team.
As such, the executive management team would like to announce the following new appointments
Here is the full announcement:
Dear Xiaomi Family,
We recently announced an outstanding set of Q3 results. With a focus on prudent and healthy operations, our quarterly total revenue reached a record high of RMB 53.7 billion with adjusted net profit of RMB 3.5 billion, beating expectations.
Our smartphone business remained strong, retaining a top four position globally with extremely excellent performance in overseas markets. We maintained our leadership position in India and our smartphone shipments in Western Europe grew by 90.9% year on year.
We further consolidated our status as the leading global consumer AloT platform with Mi TVs in particular maintaining the No. 1 position in mainland China. All these achievements are the results of the amazing effort of the entire Xiaomi family. Thank you all!
Xiaomi will go all-out on 5G next year. It will also be a critical year for us to forge ahead with our "Smartphone AloT" dual-engine strategy. We need "Smartphone AloT" dual-engine strategy. We need more organization depth and energy brought on by job rotation of our management team.
As such, the executive management team would like to announce the following new appointments:
Lin Bin had already been appointed as Vice Chairman of the Board of Directors last month, assisting me in managing Board affairs, while focusing on the management of the Group's Smartphone Department. Based on his strong leadership in our global business in the past four years, Wang Xiang will be promoted to President of the Group. He will be responsible for the Group's administrative platform and assist me with the Group's operations.
At the same time, I would also like to congratulate He Yong, who is promoted to the Vice President of government affairs, administrative affairs and regional management department. He will report Wang Xiang.
To further develop our management rotation and training system, we have chosen two young and promising executives for job rotation. Chew Shou Zi will be appointed the President of Global Business Department and will report to me. The Board has set up a taskforce to hire a new CFO. Shou will continue to be the CFO until the appointment of a new CFO. Lu Weibing will be the President of China region and remain the general manager of Redmi brand. Weibing will report to me. We look forward to more outstanding performance from them on their new posts.
Co-founder Li Wangiang has resigned due to personal reasons. Senior Vice President Qi Yan has decided to retire due to personal reasons. They will both remain as Xiaomi's senior consultants.
I would like to sincerely thank Wangiang for his work and great contribution to the company since our inception. Wanqiang led our initial efforts in MIUI, Mi. com(Xiaomi's sales and service system) and Xiaomi's brand and marketing system. He has contributed immensely to Xiaomi, including the implementation of our business model, corporate culture and brand establishment.
Thank you Ms. Qi for her seven-years of hard work at Xiaomi. Thank her for her contribution to public affairs, administrative management, headquarter campus building and regional business development. She has laid a solid foundation for the Group's administrative platform.
The management team respect their choices. We are grateful for their hard work and dedication to Xiaomi in the past years and wish them all the best for their future. I would also like take this opportunity to thank all who have contributed to the growth of Xiaomi in our history.
We are grateful and hope to repay them with our growth and progress ahead. Believe in dreams and in persistence, believe in the power of change. Xiaomi's future will only be better!
Lei Jun
November 29, 2019
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