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Oppo India MD steps down amid mounting losses

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IANS  |  New Delhi 

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 10 billion yuan (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 10 billion yuan 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.

--IANS

ksc/mag/bg

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, November 29 2018. 19:08 IST
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