Executives from Xiaomi Corp are set to step down, among them President Wang Xiang (pictured), as the company struggles to increase sales and profits, the Financial Times reported Friday after reviewing an internal document sent to employees.
Lu Weibing, leader of the Redmi sub-brand, will replace Wang as president, while Hong Feng and Wang Chuan will retire from daily operations, according to the release.
The move comes in tandem with increasing uncertainty in China's largest smartphone maker. The company is "currently facing many difficulties," said Lei Jun, co-founder of Xiaomi, in the internal letter alerting that "fourth-quarter results could be worse than expected."
