Chinese smartphone maker Xiaomi has announced a leadership change.  

According to the latest development, Xiaomi’s President Wang Xiang will step down on December 30.

Xiaomi’s co-founder and Chairman Lei Jun confirmed the development through a letter to its employees. Xiaomi’s billionaire co-founder is betting $10 billion in the electric vehicles market, reported Bloomberg.

Before joining Xiaomi in 2015, Wang worked with Qualcomm as Senior VP and President of Greater China from 2002 to 2015.

Earlier, the smartphone maker reportedly started reducing its workforce. Xiaomi has started slashing its smartphone and internet services business workforce. Xiaomi is an internet company with smartphones and smart hardware connected by an Internet of Things (IoT) platform at its core.

Xiaomi is currently the world’s fourth-largest smartphone brand, and has established the world’s largest consumer IoT platform, with more than 196 million smart devices connected to this platform, excluding smartphones and laptops. 

Currently, Xiaomi products are present in more than 80 countries and regions around the world and have a leading foothold in many of them.

In July 2019, Xiaomi for the first time made the Fortune Global 500 list, ranking 468th among all, and 7th in the Internet Services and Retailing category. It is also the youngest Global 500 company of 2019.