Core Viewpoint - Midea's home appliance division is undergoing significant personnel changes and business adjustments, including the departure of former president Xu Minfeng and the appointment of Xu Pingping as the new president, amid a broader reform aimed at streamlining operations and product lines in response to a challenging market environment [1][3][7]. Group 1: Personnel Changes - Xu Minfeng, who was appointed president of Midea's home appliance division in March 2022, has reportedly left the company as early as September 2023, contrary to recent reports suggesting a more recent departure [1][5]. - Xu Minfeng has resigned from 12 company positions since November 2023, with only one remaining role as chairman and general manager of Guangdong Midea Coffee Machine Manufacturing Co., Ltd. [4][5]. - Xu Pingping, who has held senior positions in several core subsidiaries of Midea, has taken over as president of the home appliance division [7]. Group 2: Business Adjustments - Midea is initiating a new round of reforms characterized by workforce reductions and product line simplification, which are seen as crucial measures to adapt to the current market conditions [3][9]. - The small home appliance market is experiencing a downturn, with a reported 0.8% decline in overall retail sales to 60.9 billion yuan in 2024, indicating a shift from the explosive growth seen during the pandemic [9]. - Midea's small appliance segment previously consisted of five divisions, but the company is now focusing on core products and reducing the number of SKUs to enhance operational efficiency [10][12]. Group 3: Market Context - The small appliance sector, particularly kitchen appliances, has faced challenges as consumer enthusiasm wanes, leading to a saturation of previously popular products [9][11]. - Midea's market share remains strong, with leading positions in various categories, but the company recognizes the need for strategic adjustments to improve profitability and reduce operational costs [10][12]. - The company's chairman has acknowledged past strategic errors in the small appliance business, leading to significant SKU reductions and a focus on core competencies [11][12].
美的20年老兵徐旻锋离职,去年连辞12家美的系公司职务