China’s premier smartphone maker Xiaomi has appointed Shou Zi Chew to the role of CFO as it prepares to expand its footprint beyond Asia. The appointment of the former DST Global partner follows that of Qualcomm’s Greater China President Wang Xiang to head of strategic co-operation in May, and many more are expected to follow as the firm, for the first time in its five-year history, looks to expand its influence overseas.
Xiaomi has been without a CFO for two years now
Xiaomi has been without a CFO for two years now, after Yu Ming-to, of Mediatek fame, departed for personal reasons, and the addition of the Singaporean national greatly enhances the diversity of its senior management team. The company’s founder, chairman and CEO Lei Jun said in a statement: “Shou Zi was a successful investor with unique investment insights and financial skills, who recognized Xiaomi’s value early on and helped DST complete its investment in the company. I believe that with his appointment, Xiaomi’s finance and investment team will provide greater support to Xiaomi’s technical innovation, ecosystem development, and international expansion plans.”
The company debuted a new smartphone in Brazil the day before Shou Zi’s appointment, and the company’s overseas expansion looks only to continue under his watch. Originally founded with a view to disrupting Apple’s premium pricing strategy, the company’s model has since evolved considerably and was recently voted among the smartest company of the year by MIT, second only to Tesla Motors.
The smartphone maker made waves late last year when it was named the world’s most valuable technology start-up, with a valuation of $405bn only four years after it was founded. Trailing Samsung and Apple only in terms of smartphone sales, the company’s new look senior management team looks set to extend its influence beyond the Asian continent in the years and months ahead.