Three Xiaomi executives to step down as smartphone demand weakens

Three top executives, including President Wang Xiang, are to step down at Xiaomi, as China’s largest smartphone maker battles a hit to sales and profits from Covid-19 disruption. Xiaomi reported three consecutive quarters of falling revenues and profits, and began to shed 10% of its workforce in mul

March 31, 2023 . 6:35 PM

1 min read

Three top Xiaomi executives, including President Wang Xiang, to step down as China’s largest smartphone maker battles a hit to sales and profits from Covid-19 disruption.
Lu Weibing, who has led Redmi sub-brand, will replace Wang as president, while two co-founders will step down from daily operations.
Xiaomi has reported three consecutive quarters of falling revenues and profits, and began to shed 10% of its workforce in multiple departments, including flagship smartphone business.
Xiaomi said job cuts were part of routine personnel optimisation and organisational streamlining, analysts predict it will lose market share in global smartphone sales in Q4.
Xiaomi revealed an investment of Rmb10bn ($1.43bn) in electric vehicle production last year had contributed to rising research and development costs.