(Bloomberg) -- Xiaomi Corp. will replace its president before the end of this year, the latest management change from the Chinese smartphone giant whose billionaire co-founder is betting $10 billion in the electric vehicles market.

Wang Xiang, a former Qualcomm Inc. executive before joining Xiaomi in 2015, will step down as president on December 30, Xiaomi’s co-founder and Chairman Lei Jun wrote in a letter to employees on Thursday. 

Wang’s role will be replaced by Lu Weibing, who joined Xiaomi to lead the Redmi sub-brand in 2019, said the letter. Lu, 46, has expanded his power in recent years, taking the roles as the president of the China region and head of the international department, according to Xiaomi’s website.

Two co-founders, Hong Feng and Wang Chuan, will also step out of the company’s daily operations, Lei said in the same announcement. Lei also pledged to increase operational efficiency to fight competition. 

“We will add investment in research and development and continue to push our strategy of making high-end products,” Lei wrote.

A Xiaomi representative confirmed the appointment with Bloomberg News.

Lei didn’t say if the change would impact the company’s EV project. In early 2021, Lei announced to invest about $10 billion over 10 years to make Xiaomi-branded cars. He has largely retreated from the public eye to spend time on the EV project since then.

The surprise announcement is the latest round of reshuffles in Xiaomi, which saw sales fell roughly 10% in September quarter amid a worldwide slowdown in smartphone demand. Earlier this month, a senior executive in India left the company amid intensifying regulatory scrutiny and competitive pressure in the country.

©2022 Bloomberg L.P.