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Oppo India MD Yi Wang Steps Down Amid Mounting Losses

Oppo India MD Yi Wang Steps Down Amid Mounting Losses

By Indo-Asian News Service | Updated: 30 November 2018 09:58 IST

Highlights

Wang will relinquish office on November 30
Oppo is facing increasing losses in the country
Company will invest CNY 10 billion in R&D across global markets in 2019

Chinese smartphone maker Oppo India's Managing Director Yi Wang has resigned from the company and the handset manufacturer has accepted his resignation, said a regulatory filing with the Bombay Stock Exchange (BSE).

Wang will relinquish office on November 30. His resignation coincides with the increasing losses to the handset maker in the country.

"In a captioned meeting, the Board of Directors of the company discussed and passed the resolutions with respect to the following - resignation of Yi Wang, Managing Director of the Company, with effect from 30 November," read Oppo's regulatory filing with BSE late on Wednesday.

Meanwhile, the company on Thursday announced it will invest CNY 10 billion (around $1.43 billion) in Research and Development (R&D) across its global markets in 2019.

Tony Chen, Founder and CEO of Oppo, announced at its technology-focused "2018 Oppo Technology Exhibition" an increase in R&D spending to CNY 10 billion in 2019 which is a 150 per cent year-on-year (YoY) increase and that the company would continue to increase investment on a yearly basis.

"5G is a trend Oppo must embrace. In addition to striving to become the first manufacturer to launch 5G smartphones, Oppo's exploration of application opportunities in the 5G+ era will determine the value of 5G," Chen stressed.

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