While many people know Lei Jun for being one of the founders of the massive Chinese giant Xiaomi, he’s also the chairman of YY Inc., a NASDAQ listed company that focuses on social online entertainment, similar to Twitch or YouTube. Or at least he used to be.
Earlier today, it was announced that Lei Jun would be resigning from his post as chairman of YY Inc. In his stead, YY Inc’s chief executive Li Xueling will take up the mantle, while executive Chen Zhou will take over as CEO.
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Lei Jun’s move may be driven by his desire to focus on running Xiaomi, the troubled smartphone company that has seen sales deteriorate, state Chinese media reports. Despite this, Lei Jun will continue to be an investor and advisor to YY Inc.
Alongside that, Lei Jun has also entrusted the voting rights of his YY shares to the aforementioned chief executive, allowing Li Xueling to start coming up with strategies to improve the live streaming platform.
What do you make of this news? Will Lei Jun’s focus on Xiaomi help the company rise back to its former glory, or is it all too late? Tell us down in the comments.