(Yicai Global) March 14 -- Chinese tech billionaire Lei Jun, best known as the founder of leading smartphone maker Xiaomi Inc., has stepped down from his role as chairman of global mobile app creator Cheetah Mobile Inc. amid a major management reshuffle.
Lei will stay on as an advisor while Chief Executive Fu Sheng takes the reins as chairman, Beijing-based Cheetah said in a statement. Four other executives, including Chief Financial Officer Wu Yuqiang, have also resigned. Senior Vice President Xiao Jie and two others will step up to fill the roles, giving the board 11 members in total, with six independent directors.
Lei, often referred to as China’s Steve Jobs, began working at Cheetah’s parent Kingsoft Corp. in 1992 and took over as chairman in 2011, a year after he set up Xiaomi. Smartphone giant Xiaomi is now mulling a USD100-billion initial public offering in Hong Kong later this year.
Kingsoft held just over 47 percent of Cheetah as of last October, and Lei himself owns 1.2 percent of its shares. His successor Fu has a 34.6-percent stake.