Asian Tech Press (Dec 22) -- Chinese smartphone maker Xiaomi Corp.'s president Wang Xiang will retire at the end of December.

Xiaomi founder Lei Jun said in an internal letter Thursday that Wang Xiang, the current president of Xiaomi, who is set to mark his long-planned retirement, will formally step down as president of the group on Dec. 30, 2022, while continuing to serve the company as a senior adviser.

The billionaire said that after careful discussion and consultation by the company's partner board, it decided to promote Lu Weibing as the new president, who will officially succeed Wang on Dec. 30.

Lu joined Xiaomi in early 2019 and has held key positions at the Chinese smartphone maker over the years, from head of the Redmi brand, to president of China Region, to overseeing the three major businesses for China Region, the International Department and India.