The Chinese consumer electronics and mobile communication company, Oppo Electronics Corporation (commonly referred to as Oppo), said that the company’s India Managing Director Yi Wang has left the company in BSE filing.
“During a meeting between the Board of Directors of OPPO Mobiles India on the November 28, 2018, it has been mutually decided that Yi Wang, managing director of the company will step down from his position, effective November 30, 2018. Wang played a crucial role in Oppo journey in the country, since it entered the Indian market,” the company said in a statement.
Though the company did not give any specific reason for his sudden decision, it is speculated that Wang left the company due to pressure from the Oppo management on the India team as it was not able to get desired results.
The smartphone maker’s net loss widened to Rs 360 crore in 2017-18 from Rs 40 crore a year ago, as per documents filed with the Registrar of Companies (RoC).
In a separate statement, OPPO announced an increase in R&D spending to RMB 10 billion (about USD 1.43 billion or Rs 9,986 crore) next year — a 150 percent year-on-year increase. The company plans to increase the investment on a yearly basis.
The company is yet to name the successor of Wang.
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