Xiaomi has nominated Lu Weibing, head of its sub-brand Redmi, to be the firm’s new president, with the current president Wang Xiang due to retire by the end of December. Aged 61, Wang Xiang was head of the greater China business of Qualcomm before joining Xiaomi in 2015 and becoming the firm’s president in 2019. Wang will continue to be a senior consultant for Xiaomi. During his term, he led the company’s entry into more than 100 countries and regions, according to his profile on Xiaomi’s website. Lu Weibing joined Xiaomi to lead Redmi in 2019 and became the president of the international department. He previously worked for Chinese phone vendors including Konka, K-Touch, and Gionee. Xiaomi was the third largest phone vendor globally in the third quarter of 2022, according to Canalys. The Chinese device maker posted a 9.7% yearly revenue decline as its phone shipments saw an 8.4% decline in the third quarter this year. [Caixin, in Chinese]