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Li Wanqiang leaves Xiaomi and appoints new executives

Original title: millet executive appointment: Lu Weibing in charge of China, co-founder Li Wanqiang left

Lei Jun said in his internal letter that next year will be the year of Xiaomi's 5g business and the key year for Xiaomi to promote mobile phone + alot, which needs stronger group management support.

Beijing News on November 29, Lei Jun, founder, chairman and CEO of Xiaomi group, announced the appointment of new executives in an internal letter. Among them, Lu Weibing served as the president of China and continued to serve as the general manager of redmi brand; Co founder Li Wanqiang resigned for personal reasons; Zhou Shouzi, the former CFO, served as president of the international department. The board of directors has set up a special team to select and hire a new CFO. Zhou Shouzi will continue to serve as CFO before the new CFO arrives.

Xiaomi confirmed the authenticity of the internal letter to the Beijing News reporter.

For Li Wanqiang's resignation, Lei Jun wrote in his internal letter, 'thank Ali for his long-term efforts and great contributions since he started his business. Ali led MIUI, (Xiaomi sales and service system), Xiaomi brand market system and other businesses to continuously open up wasteland, and made indelible contributions in many fields such as business model verification and implementation, corporate culture and brand construction. "

Lei Jun said in his internal letter that next year will be the year of Xiaomi's 5g business and the key year for Xiaomi to promote mobile phone + alot. It needs stronger group management support and the organizational innovation vitality brought by the cadre rotation mechanism. Lei Jun pointed out that the new appointments of Zhou Shouzi and Lu Weibing belong to the cadres selected for rotation.

Other important personnel adjustments include that Lin bin served as vice chairman of the group and continued to serve as president of the mobile phone department; Wang Xiang was promoted to the president of the group, responsible for the functional platform of the group and assisting the CEO in the operation of the group. Lin bin, Wang Xiang, Zhou Shouzi and Lu Weibing all report directly to CEO Lei Jun.

In addition, Lei Jun also announced that He Yong was promoted to vice president of the group, responsible for the government affairs department, administration department and regional development department, and reported to Wang Xiang, President of the group. Qi Yan, senior vice president, retired as a senior consultant due to personal requirements. Lei Jun also thanked her in her internal letter for her 'outstanding contributions in public affairs, corporate administration, headquarters construction and regional business expansion, which has laid an important and solid foundation for the platform governance of Xiaomi Group'.

On the evening of November 27, Xiaomi group released the results of the third quarter of 2019, with a total revenue of 53.66 billion yuan, a year-on-year increase of 5.53%, and an adjusted net profit of 3.5 billion yuan. IOT and consumer goods business performed strongly, with a revenue of 15.6 billion yuan, an increase of 44.4% over the same period last year. Among them, the global shipment of smart TV reached 3.1 million units, a year-on-year increase of 59.8%. However, Xiaomi's smartphone business is under pressure. In the third quarter, the revenue of this part was 32.3 billion yuan, a decrease of 7.8% compared with the same period last year.

At the same time, the overseas market is becoming an increasingly important granary for Xiaomi. In the third quarter of this year, Xiaomi's overseas market revenue was RMB 26.1 billion, a year-on-year increase of 17.2%. Revenue from overseas markets has accounted for 48.7% of the total revenue of Xiaomi group.