Chinese Smartphone Maker Coolpad Fires CEO Without Naming Successor
Li Na
DATE:  Jan 15 2019
/ SOURCE:  yicai
Chinese Smartphone Maker Coolpad Fires CEO Without Naming Successor Chinese Smartphone Maker Coolpad Fires CEO Without Naming Successor

(Yicai Global) Jan. 14 -- Troubled Chinese smartphone maker Coolpad Group has dismissed its chief executive officer, who just last week was attending business events in the US including the Consumer Electronics Show. It hasn't yet named a replacement.

Coolpad fired Jiang Chao following a board meeting on Jan. 11, the Shenzhen-based company said in a statement yesterday, without specifying any reason. The board appointed Ma Fei as chief financial officer at the same gathering.

"I contributed my whole youth to the company and left without any regrets for once creating annual sales of CNY30 billion (USD4.4 billion)," Jiang told Yicai Global today. He said he doesn't know who his successor will be. 

Just three days ago, Jiang was stateside on business. He told Yicai Global that Coolpad is prepared to bring in US investors.

Jiang joined Coolpad in 2002 as CFO and vice president, becoming CEO last February, after which he pruned China's mainland operations down to just a research and development team that assigns some work to India and the city of Taipei. Jiang also restructured the company's US team to include former managers from handset giants such as French Alcatel and Samsung Electronics America. Coolpad's US business has grown to make up 90 percent of the firm's sales. 

Coolpad's stock [HKG:2369] has been suspended since March 2017 due to equity disputes and operational difficulties. At the time of the trading halt it was worth HKD3.6 billion (USD500 million).

The firm ranked third for domestic market share in 2012 thanks to successful marketing partnerships with mobile operators. Sales peaked in 2014 at HKD24.9 billion (USD3.2 billion).

Editor: Emmi Laine

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Keywords:   Jiang Chao,Coolpad Group,Mobile Phones, Electronics,Chinese Electronics