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Huawei Founder Rules Out Family Taking Over Following Retirement

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Huawei's founder, Ren Zhengfei has ruled out a dynastic succession for the company when he eventually retires from his post as President.

As he approaches his 70th birthday, speculation about the succession has mounted, and the company has been running a system of rotating its CEO's every six months to gear them all up for the task.

In an email sent to staff, he wrote that "Huawei's successor should not only have vision, character and ambition, like what we've said before, but also a good global perspective and the acumen to drive the business,"

Possibly slightly critically of his own relatives, he added that "My family members do not possess these qualities. Thus, we will never be in the running of the successor race,"

Ren's son and daughter both work for Huawei, but are not part of the rotating CEO system.

As company President, he is thought to own just 1.42% of the company shares, with the rest -- in theory -- owned by the employees. However the shareholder structure has never been clearly explained, and the company's refusal to list its shares for at least the next decade makes the employee holdings tied to whatever the company wants to do with them.

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Tags: huawei  China