Former Qualcomm Greater China president Frank Meng is returning to chair the U.S. chipmaker's moneymaker market while former head Wang Xiang moves to smartphone maker Xiaomi.

The shake-up is happening after a period of turmoil which ended with the company paying the Chinese government a fine of nearly $1 billion, the largest in China's corporate history according to a Reuters report.

Qualcomm reportedly has also said it believed some China licensees may be understating sales on licensed products.

According to Forbes, Qualcomm is also being challenged by Taiwanese chipmaker Media Tek which is poised to get into the China 4G smartphone market.

In a Qualcomm media release the company said Meng's appointment will be effective June 15, 2015.

Derek Aberle, president of Qualcomm Incorporated, says of Meng's return, "I'm very pleased to welcome Frank Meng back to the company as chairman of Qualcomm China. Frank's extensive industry experience and leadership will drive continued business growth and further strengthen our collaboration across the Chinese mobile ecosystem and semiconductor sector."

Meng was president of Qualcomm Greater China from 2008 to 2010. He returns to the company as the China chairman, reporting directly to Aberle.

Aberle also credits Xiang for leading the company's success in the mobile and semiconductor industries in China. Xiang exits Qualcomm Incorporated 13 years after he took over from Meng in 2010.

Xiang has been hired by Chinese phone maker Xiaomi as senior vice president of strategic cooperation. Xiang established the Qualcomm relationship with Xiaomi.

The Forbes report quotes Xiaomi founder and CEO Lei Jun as saying, "He (Xiang) was the one who successfully helped Qualcomm establish a strategic cooperation with Xiaomi, which has only deepened over time. I believe that with Wang Xiang's excellent leadership skills, over 20 years of experience in the industry, and close ties with players within the mobile ecosystem, he will be able to steer Xiaomi to the next level of success in strategic cooperation and establishing important partner relations."

The Qualcomm Greater China market reportedly generates half of the company's overall revenues.