Mere days after Xiaomi’s latest earnings report, which shows signs of slowing growth, the Chinese company has undergone a major leadership reshuffle. Xiaomi co-founder Lei Jun has stepped down from his role as the company’s Chinese president.
In the internal letter, Lin Jun states “Next year will be an offensive year for Xiaomi’s 5G business, and it will also be a key year for Xiaomi to promote mobile phone + AIoT. We need more powerful group management support. It is [now] necessary to continue the organizational innovation vitality brought by the cadre rotation mechanism”
Did Xiaomi Need a Leadership Change?
The leadership change could primarily be because of the company’s back-to-back disappointing quarterly results. If you are not aware, Xiaomi’s market share in China has shrunk to 9% from 12% over the past six months. The company did witness a 5.5% year-on-year (YoY) growth
