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Briefing: Struggling smartphone maker Coolpad removes CEO Jiang Chao
酷派集团 CEO 蒋超被罢免 – TechNode Chinese
What happened: Chinese smartphone maker Coolpad has removed Jiang Chao as its chief executive officer amid a leadership reshuffle, according to company documents filed to the Hong Kong Stock Exchange. Jiang was also stripped of his roles as chief executive director and vice-chairman, and dismissed from his duties on the board committee. Amid the leadership shuffle, Ma Fei, one of the company’s longest-serving directors, was named chief financial officer.
Why it’s important: It is becoming increasingly difficult for smaller companies to survive in the country’s fiercely competitive smartphone market. Xiaomi, Huawei, OPPO, and a handful of other companies dominate in China. Firms like Coolpad and Gionee have seen their shipments fall significantly over the past two years. In 2018, Coolpad shareholder LeEco, also suffering from a cash crunch, decided to sell off a significant portion of its stake in the company. Coolpad debuted in Hong Kong in 2016, but its shares were suspended in March 2017.