Director and two co-founders of Xiaomi are resigning

Xiaomi director Wang Xiang has resigned, as have two founders of the Chinese tech company. Lu Weibing becomes the new director of the company. The change at the top would take place due to disappointing results in the past year.

According to an internal letter that has been viewed by the Financial Times, director Wang Xiang is resigning immediately. In addition, two of Xiaomi’s founders, Hong Feng and Wang Chuan, are stepping back from the company. They no longer interfere with operational matters within the tech giant.

Lu Weibing takes over from Wang Xiang. For the past three years, he has been responsible for the Redmi brand, which falls under Xiaomi. The internal letter also states that Xiaomi is currently in dire straits. Just like many other tech companies.

This refers to the company’s disappointing results in the past year. Xiaomi’s turnover fell by almost ten percent in the third quarter. Xiaomi has therefore also announced a major round of layoffs. The tech giant would like to fire 10 percent of its employees.