Chinese smartphone Xiaomi has lost market share over the past year and now has lost one of its top lieutenants to another Chinese technology company.
Xiaomi's Vice President Zhang Jinling is reportedly now working at Chinese search engine company Baidu Inc. as chief financial officer of Baidu Capital and Baidu Waimai, the Chinese search engine's food delivery unit.
Baidu was criticized in 2016 for not moving fast enough on making investments in new technologies. The company did purchase large content companies like Youku Tudou, but it was surpassed in many respects by rivals Alibaba, Tencent, and Sina in gaining footholds in rising online sectors in China.
So this new appointment of Zhang comes as Baidu takes a new look at the investment landscape. Its Baidu Capital just named ex-Ctrip executive Wu Wenjie as its first managing partner in November 2016, and it is reportedly looking to hire one to two more managing directors to manage the fund's investments.
Zhang joined Xiaomi in 2013 and was responsible for finance and investment matters at the smartphone manufacturer.
Previously, she was chief financial officer at Cisco Systems Inc. and Seagate Technology PLC in China.