What’s new: Chinese tech giant Huawei Technologies Co. Ltd. has appointed Chief Financial Officer Meng Wanzhou as one of three rotating chairmen, according to the company website on Friday.
The same day another rotating chairman, Ken Hu, began his six-month tenure, serving in the company’s top leadership position.
The context: Meng is the elder daughter of Huawei founder Ren Zhengfei and only returned to China six months ago after being freed from almost three years of house arrest in Canada’s Vancouver, where she was being held as she battled extradition to the U.S. on fraud charges.
Under Huawei’s rotating chairman system, three appointees will take turns to serve as the company’s top leader for a period of six months, leading the board of directors and its executive committee. Meng replaced Guo Ping, who has been appointed chairman of the supervisory board.
Huawei founder Ren Zhengfei serves as the company’s chief executive officer and a board member.
Last year, Huawei’s revenue dropped by 28.6% to 636.8 billion yuan ($99.9 billion) as its overseas smartphone and telecom-equipment businesses continued to struggle amid a U.S. blacklisting.
Related: Huawei CFO Freed by Judge, Ending Two-Year Extradition Case
Contact reporter Guo Yingzhe (yingzheguo@caixin.com)
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