Xiaomi’s director Wang Xiang has resigned, as have two founders of the Chinese tech company. Lu Weibing becomes the company’s new director. The change in the top would take place due to disappointing results in the past year.
According to an internal letter seen by the Financial Times, CEO Wang Xiang is stepping down immediately. In addition, two founders of Xiaomi, Hong Feng and Wang Chuan, are taking a step back within the company. They no longer interfere with operational matters within the tech giant.
Lu Weibing takes over from Wang Xiang. He has been responsible for the Redmi brand, which falls under Xiaomi, for the past three years. The internal letter also states that Xiaomi is currently in dire straits. Just like many other tech companies.
This refers to the disappointing results of the company in the past year. Xiaomi’s sales fell by almost ten percent in the third quarter. Xiaomi has therefore also announced a large round of layoffs. The tech giant would like to lay off 10 percent of its employees.
