Dec 23, 2022 03:32 AM

BUSINESS

Xiaomi Replaces President as Chairman Pledges Investment in R&D

Xiaomi’s sales fell 10% in the September quarter amid a worldwide slowdown in smartphone demand.

Xiaomi’s sales fell 10% in the September quarter amid a worldwide slowdown in smartphone demand.

(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.

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