Huawei is reportedly all set to sell off its Honor sub-brand for an all-cash deal of around $15 billion. While the deal has been confirmed officially, we expect the Chinese giant to announce it by the end of this week.
Now, ahead of the official announcement from the company, some details about the possible management overhaul at the firm have been leaked online.
As per the report, after the Honor brand becomes independent from Huawei, some of the senior executives from Huawei will be joining the Honor brand. Huawei Consumer Business COO Wansao may join Honor as Chairman while the Honor President Zhao Ming will serve as the company’s CEO.
In addition to that, several other senior executives, including the head of Consumer Business Law, Audit, IT and Quality Operations have also confirmed that they will be continuing with the company even after it gets separated from Huawei.
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The company is also going to retain its staff of more than 7,000 employees and it is being reported that they will be moved out from the Huawei headquarters in Shenzhen to a new office space in Futian District, Shenzhen Meilin New Generation Industrial Park 4.
Employees of the new company will have equity incentives and the company is also offering two compensation packages which include full share buyback and 1.7 times 19-year revenue compensation.
As per the previous reports, Huawei is gearing up to sell its Honor brand to Digital China Group and the Government of Shenzhen. We expect to know more about this transaction once the company makes it official in the coming days.
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