New Delhi, Nov 29 (PTI) Chinese handset maker OPPO has said its India Managing Director Yi Wang will step down effective November 30. Also Read - Monsoon Session Day 2: Lok Sabha Passes Essential Commodities Bill to Raise Farmer Income, Boost Agri Sector | Highlights

“During a meeting between the Board of Directors of OPPO Mobiles India Pvt Ltd on November 28, 2018, it has been mutually decided that Yi Wang, Managing Director of the company will step down from his position, effective November 30,” an Oppo spokesperson said. Also Read - Xiaomi Redmi 9 To Go on Sale Today in India: Check Price, Specifications, Camera

The company, however, did not give any reason for the decision. It is yet to name Wang’s successor. Also Read - Redmi 9 Prime Flash Sale Starts in India Today at 12 pm – Check Price, Specifications, Camera Features

“Wang has been an important part of OPPO’s journey in India and has played a crucial role in the company’s success in the country, since it entered the Indian market. We thank him for his valued contribution and wish him the very best for his future endeavours,” the spokesperson said.

India is a key market for smartphone players as it continues to grow at a strong pace. According to research firm IDC, smartphone shipments in India touched an all-time high of 42.6 million units in July-September 2018, registering a year-on-year growth of 9.1 per cent.

Xiaomi led the smartphone tally with 27.3 per cent market share, followed by Samsung (22.6 per cent), vivo (10.5 per cent), Micromax (6.9 per cent) and OPPO (6.7 per cent).

In a separate statement, OPPO announced an increase in R&D spending to RMB 10 billion (about USD 1.43 billion or Rs 9,986 crore) next year — a 150 per cent year-on-year increase.

The company said it will continue to increase investment on a yearly basis.

With the increased R&D capital, OPPO will integrate its supply chain and build on its technical expertise to enhance the company’s technological capabilities, it added.

“Furthermore, OPPO will leverage AI to develop a range of smart devices, including smart watches and smart home technologies, to explore and meet the increasingly rigid demands of consumers in the age of the Internet of Things (IoT),” the statement noted.

This is published unedited from the PTI feed.