In an effort to retain his top executives, Huawei Technologies founder Ren Zhengfei has named three top officials to share the CEO role with him in six-month rotations. "This is succession planning with Chinese characteristics," said David Wolf of Wolf Group Asia, a marketing consulting firm. The Chinese telecom gear-maker also said that despite higher revenue, its 2011 profit slipped because of currency and investment costs, but it predicted that it would triple its smartphone unit sales this year to 60 million handsets.

Related Summaries