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George Zhao, Chief Executive Officer of Chinese consumer electronics brand Honor, smiles as he shows off the new Honor Magic 6 Pro smartphones during a presentation on the eve of Mobile World Congress (MWC), the largest annual gathering of the telecommunications industry, in Barcelona in February. 25 of 2024.
Pau Barrena Afp | Getty Images
George Zhao, the head of Chinese smartphone firm Honor, has resigned from his post for personal reasons, the company said on Friday.
“The company and the Board of Directors sincerely appreciate Mr. Zhao’s outstanding contributions to the company during his tenure,” Honor said in a statement.
Jian Li, who has been at Honor for four years in various senior management positions, will succeed Zhao as CEO.
In an internal memo published by Chinese media and confirmed as accurate by an Honor spokesman, Zhao said he was retiring for health reasons and planned to rest, recover and spend more time with his family .
Zhao called the decision to leave Honor “the most difficult decision” he has ever made.
The honor was dropped by the Chinese telecommunications giant Huawei in 2020 in an attempt to avoid US sanctions that would cripple Huawei’s smartphone business.
Under Zhao’s leadership, Honor has aggressively launched smartphones with a focus on international markets. Zhao focused on high-end devices, including foldable smartphonesAs he looked for Honor to look beyond China and challenge the likes of Samsung and Apple.
Honor’s market share in China has increased from 9.8% in 2020 to more than 15% in 2024, according to Counterpoint Research. Outside of China, Honor’s market share reached 2.3% in 2024, compared to less than 1% in 2020.
The company tried to keep pace with rivals launch artificial intelligence functionality in your device.
Counterpoint Research partner Neil Shah said the company’s focus on high-end devices and technology is likely to continue under the new leadership.
“Honor’s focus on premiumization should continue if the brand wants to continue to build its brand and point of differentiation against existing competitors, especially in premium markets such as Europe,” Shah said. told CNBC.
“The focus on innovative folding designs and advanced AI functions and close partnerships with leading component suppliers will be key.”
Zhao’s successor, Li, will be tasked with trying to expand Honor’s presence overseas amid fierce competition, with a focus on making the brand more recognizable.
“A lot of people don’t know about Honor” outside of China, Counterpoint’s Shah said. “Building brand equity is hard and the company needs more time, money and points of differentiation.”
