Oppo India MD steps down Amid Mounting Losses

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Oppo India MD steps down Amid Mounting Losses

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

His resignation coincides with the rising losses into the handset maker in the nation. 

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“At a captioned meeting, the Board of Managers of this company passed and discussed the resolutions with respect to the subsequent — the resignation of Yi Wang, Managing Director of the Business, with effect from 30 November,” read Oppo’s regulatory filing with BSE late on Wednesday. 

The company on Thursday announced it will spend 10 billion yuan (around $1.43 billion) in Research and Development (R&D) across its international markets in 2019. 

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

“5G is a trend Oppo must adopt. Along with striving to become the first manufacturer to establish 5G smartphones, Oppo’s exploration of program opportunities in the 5G+ era will decide on the worth of 5G,” Chen stressed.

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