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Bloomberg
JD.com Inc’s billionaire founder Richard Liu has stepped down as chief executive officer of China’s No. 2 online retailer, joining tech tycoons that exited top management roles after Beijing’s sweeping internet-sector crackdown.
Xu Lei, who was recently promoted to president after more than a decade at the company, takes the helm of the e-commerce titan effective immediately. Liu’s lieutenant joins JD’s six-member board while Liu remains chairman, the company said in a filing. Its shares slid as much as 2.9% in early Hong Kong trading.
ByteDance Ltd founder Zhang Yiming stepped down as chairman last year, months after resigning as chief executive officer of the TikTok owner. Kuaishou Technology founder Su Hua ceded leadership to fellow co-founder Cheng Yixiao. And Colin Huang, who founded e-commerce upstart Pinduoduo Inc, dropped his CEO role in 2020 ahead of Beijing’s crackdown.