Xiaomi Corp to replace president; chairman pledges investment in R&D

The surprise announcement is the latest round of reshuffles in Xiaomi, which saw sales fell roughly 10% in September quarter amid a worldwide slowdown in smartphone demand

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 in the electric vehicles market.

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

Wang’s role will be replaced by Lu Weibing, who joined Xiaomi to lead the Redmi sub-brand in 2019, said the letter. Lu, 46, has expanded his power in recent years, taking the roles as