Xiaomi, one of China's leading smartphone brands, has expanded its business beyond smartphones and has made some significant changes to its organization, especially with regard to the company's executives.
One of the company's founders and senior vice president, Li Wanqiang, confirmed that he is leaving the company. Three other executives – Lin Bin, Wang Xiang, and He Yong – were promoted, while two executives, Zhou Shouzi and Lu Weibing, were transferred to key business areas for rotation.
Lei Jun, founder and CEO of Xiaomi, explained these major organizational changes indicated that the company needed more support for group management and that organizational innovation was the reason for the rotation mechanism. He believes that this is necessary to prepare the company for next year, which the company considers crucial due to growth in the 5G and AIoT sectors.
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When one of Xiaomi's founders, Li Wanqiang, left, Lei Jun thanked him for his long-term contributions since the company's inception. He led several projects within the company, including MIUI, Xiaomi.com, Xiaomi Brand Market System and several other companies. This has led to indelible contributions in many areas, such as the review and implementation of the business model, corporate culture and brand building.
Xiaomi recently released his financial report for the third quarter of this year (Q3 2019). The company posted total revenue of 53.7 billion yuan, a record high and adjusted net profit of 3.5 billion yuan, which exceeded market expectations.
The company is currently in fourth place in terms of smartphone market share in the world and has performed very well in international markets. In the Indian market, it has dominated the market for several quarters, and the company's deliveries to the Western European market have risen by 90.9 percent year-on-year.
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