Beijing, CHINA – September 15, 2022 – Just in—Xiaomi’s founder and CEO Lei Jun has stepped down as Chairman of Xiaomi Electronic Software Company. The said entity is a subsidiary of the tech giant that takes care of the consumer finance operations like digital payments and wallets.
This is the second time the executive has made a significant move in terms of management in the past six months. He left Xiaomi Youpin, an e-commerce platform that focuses on lifestyle products, in April of this year.
Lin Bin, director of the same entity, will also resign, but both retain their shares in the company. Xiaomi’s public relations department indicated that this is a standard procedure for Xiaomi’s subsidiaries and is done to streamline internal management and processes. And to be honest, we like this to happen so the executive can focus more of his time on smartphones and electric vehicles which projecting significantly.
And being said that, the company was reportedly shifting its interest from mobile technology to electric vehicles. A week ago, Lei Jun himself declared Xiaomi’s ambitious plans for road cars. There are now over 1,000 people working in the R&D department and expectations are the first Xiaomi Electric Vehicle to arrive in two years.