In a surprising change, Zhao Ming, the CEO of Honor, has resigned due to health issues. The board has selected Li Jian, a former Huawei executive with a lot of experience, to take over as the new CEO.
Zhao Ming’s Impact at Honor
Zhao Ming, who worked at Huawei for 17 years, was key to Honor’s achievements. He took charge of the brand in 2015 and guided it to become the leading online mobile phone brand in China for several quarters in a row. Under his direction, Honor not only surpassed Samsung to become the top mobile phone brand in Russia by the end of 2019 but also secured the second position in the Chinese smartphone market in 2020.
Challenges and Resilience
However, the company’s path changed drastically in November 2020 due to US sanctions against Huawei. This led to Huawei selling its Honor business unit, with Zhao Ming becoming the CEO of the newly independent Honor Terminal Co., Ltd. Despite these hurdles, under Zhao Ming’s leadership, Honor quickly established its own R&D, product development, supply chain, and market systems in just four months. The Honor V40 was launched as the first product post-separation in January.
Future Directions with Li Jian
Honor also made significant progress towards an initial public offering (IPO) by completing its shareholding reform and rebranding itself as Honor Device Co., Ltd. by the end of 2024. The smartphone market in China remains highly competitive. Data from Canalys indicates that Vivo holds a 17% market share in 2024, while Huawei has shown a strong comeback with a year-on-year growth of 37%. Apple, OPPO, and Honor follow in third, fourth, and fifth place, with Honor holding a 15% market share.
Li Jian, the newly appointed CEO, comes with a rich background from his long service at Huawei, where he was involved in major strategic changes and played a significant role in key business challenges. His skills in strategic management and international operations will be crucial for Honor as it moves ahead.
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