What happened: Chinese smartphone maker Xiaomi announced plans to put younger executives in leadership positions. In a dozen new appointments made by the company, a group of post-80 executives with an average age of 38.5 years old were named as head of various departments of the company to handle day-to-day operations.
Why it’s important: Xiaomi’s management shift comes on the heel of Alibaba’s management succession plan, which was announced last week. While China’s millennials are becoming its major consumer base, enterprises need to have young decision makers to keep pace with their customers. But for Chinese companies, especially those started around the beginning of this century, their culture is more about the personal identity and culture of the CEO. The tech giants have some serious work ahead for management transitions.