Xiaomi co-founder Lei Jun steps down as China president in a leadership reshuffle

Xiaomi’s chairman and co-founder Lei Jun has stepped down from the role of China president, as per a report from Technode. In an internal letter circulated last week, the company notified its employees of major changes across leadership roles. Lu Weibing, the head of Xiaomi’s spun-off brand Redmi, will now take over Lei Jun’s responsibilities. In other major changes, former president Lin Bin was promoted to the company vice president, and CFO Zhou Capital was promoted to president of international business.  According to the company’s Q3 results, its smartphone business dropped 7.8 percent year-on-year due to slowdown in China market. As…

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