In a surprising turn of events, Honor CEO Zhao Ming has stepped down from his position due to health reasons. The company’s board of directors has appointed Li Jian, a former Huawei executive with extensive experience, as the new CEO.
Zhao Ming, a 17-year Huawei veteran, played a pivotal role in Honor’s success. After taking over the brand in 2015, he steered it to become the No. 1 online mobile phone brand in China for several consecutive quarters.
Under his leadership, Honor surpassed Samsung to become the No. 1 mobile phone brand in Russia at the end of 2019 and reached the No. 2 spot in the overall Chinese smartphone market in 2020.
However, Honor’s trajectory took a sharp turn in November 2020 due to US sanctions on Huawei. The tech giant was forced to sell its Honor business unit, and Zhao Ming became the CEO of the newly independent Honor Terminal Co., Ltd.
Honor’s success with Zhao Ming
Despite facing significant challenges, the new Honor, under Zhao Ming’s guidance, managed to establish its own R&D, product development, supply chain, and market systems within a remarkable timeframe of just four months. The company then launched the Honor V40 as its first product after the separation in January.
Honor also took a significant step towards an initial public offering (IPO) by completing its shareholding reform and changing its company name at the end of 2024. The company is now called Honor Device Co., Ltd.
The Chinese smartphone market continues to be fiercely competitive. According to data analysis agency Canalys, Vivo leads the pack with a 17% market share in 2024, followed by a resurgent Huawei with a 37% year-on-year growth. Apple, OPPO, and Honor occupy the third, fourth, and fifth positions, respectively, with a market share of 15%.
Li Jian, the new CEO, brings a wealth of experience from his long tenure at Huawei, including involvement in major strategic reforms and leadership in crucial business battles. His expertise in strategic management and global operations will be invaluable for Honor moving forward.
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