Xiaomi Replaces President as Chairman Pledges Investment in R&D

(Bloomberg) — Xiaomi Corp. will replace its president before the end of this year, the latest management change from the Chinese smartphone giant whose billionaire co-founder is betting $10 billion on the electric vehicles market.

Wang Xiang, a former Qualcomm Inc. executive before he joined Xiaomi in 2015, will step down as president Dec. 30, Xiaomi’s co-founder and Chairman Lei Jun wrote Thursday in a letter to employees.