Xiaomi co-founder Lei Jun resigns as China president after fall in revenue
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Xiaomi’s chairman and co-founder Lei Jun has stepped down from being the company’s China president. Lu Weibing, the head of Xiaomi’s spin-off brand Redmi, will now take over Lei Jun’s responsibilities. Several other major changes were made by the company and the same was informed to the employees, in a letter circulated last week. The decision was taken after smartphone business revenue dropped 7.8% year-on-year due to slowdown.