Xiaomi Replaces President, Chairman Pledges Investment in R&D

Bloomberg2022-12-22

Wang Xiang to step down as president, replaced by Lu WeibingTwo co-founders will also step out of firm’s daily operationsA Xiaomi Corp. store in Shanghai.Photographer: Qilai Shen/BloombergXiaomi Corp....

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DQuek
2022-12-23
DQuek
Strong innovations
来人
2022-12-22
来人
Ok

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Lu, 46, has expanded his power in recent years, taking the roles as the president of the China region and head of the international department, according to Xiaomi’s website.Two co-founders, Hong Feng and Wang Chuan, will also step out of the company’s daily operations, Lei said in the same announcement. Lei also pledged to increase operational efficiency to fight competition.“We will add investment in research and development and continue to push our strategy of making high-end products,” Lei wrote.A Xiaomi representative confirmed the appointment with Bloomberg News.Lei didn’t say if the change would impact the company’s EV project. In early 2021, Lei announced to invest about $10 billion over 10 years to make Xiaomi-branded cars. He has largely retreated from the public eye to spend time on the EV project since then.The surprise announcement is the latest round of reshuffles in Xiaomi, which saw salesfellroughly 10% in September quarter amid a worldwide slowdown in smartphone demand. 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