George Zhao on Jan. 17 announced his resignation as CEO of Chinese smartphone maker Honor, citing personal and health reasons.

Jian Li, who has four years of experience in senior management roles at Honor, will succeed Zhao as CEO.

Zhao’s departure occurs as Honor aims to finalize an initial public offering (IPO) that was initially announced in 2023.

The company, which became independent from Huawei in 2020 to avoid US sanctions, has been concentrating on global expansion and developing high-end smartphones, including foldable models.