(Yicai Global) Dec. 23 -- Xiaomi’s president will step down at the end of this month and a senior vice president at the Chinese smartphone maker will replace him.

Senior VP William Lu will become the firm’s new president, while the outgoing Wang Xiang will continue as a senior consultant, founder and Chairman Lei Jun said in an email to employees yesterday.

The latest management change comes after Xiaomi reported lower third-quarter earnings amid a downturn in the global handset market. The Beijing-based company sold 40.2 million phones worldwide in the quarter, down 8.4 percent from a year earlier.

After joining Xiaomi in early 2019, Lu was general manager of the Redmi handset brand and president of the China region and international department and became a Xiaomi partner in August 2020. He was previously president of Chinese mobile phone brand Jinli.

Wang joined Xiaomi as senior VP in June 2015 and was promoted to president in 2019. He became the firm's partner in August 2020. Before, Wang worked many years at Qualcomm, serving as senior VP and president of the chipmaker's China business.

Xiaomi’s revenue in the three months ended Sept. 30 fell 9.7 percent from a year ago to CNY70.5 billion (USD10.1 billion), with income from smartphones down 11.1 percent to CNY42.5 billion. Adjusted net profit plunged 59 percent to CNY2.1 billion (USD300.3 million).

Lei also noted in his email that co-founders Hong Feng and Wang Chuan will exit the frontline business too by the end of the year. They will continue to support and promote the company's strategic development at the partners' committee, he said.

Editors: Tang Shihua, Futura Costaglione