JD’s billionaire founder steps down as CEO of US$92bil empire

7/4/2022 8:32:00 AM

JD's billionaire founder steps down as CEO of US$92bil empire

JD's billionaire founder steps down as CEO of US$92bil empire

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 ecommerce titan effective immediately.A (April 7): JD.A (April 5): Jason Kilar is departing as chief executive officer of WarnerMedia, days before the parent of Warner Bros studios and HBO merges with Discovery Inc to form a new media company.04- 05- 2022 04:28 PM HONDA Malaysia Sdn Bhd today announced the appointment of a new managing director and chief executive officer, Hironobu Yoshimura (pix) , who succeeded Madoka Chujo.

Liu’s lieutenant joins JD’s six-member board while Liu remains chairman, the company said in a filing Thursday.Its shares slid as much as 2.’s billionaire founder Richard Liu has stepped down as chief executive officer of China’s No.9% in early Hong Kong trading.“We’ve elevated technology, product, and design to the highest levels in the company.Some of China’s richest entrepreneurs have relinquished the reins of their companies in the past two years, after Xi Jinping’s administration trained its sights on arenas from ecommerce to gaming, seeking to curb the growing influence of Internet firms.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.ByteDance Ltd founder Zhang Yiming stepped down as chairman last year, months after resigning as chief executive officer of the TikTok owner.“My predecessors have built the Honda brand to become the success that it is now in Malaysia; as the forerunner in introducing Honda’s advance technology in the region, launching exciting new models and leading the Non-National Passenger Vehicle segment for many years.

Kuaishou Technology founder Su Hua ceded leadership to fellow co-founder Cheng Yixiao.Its shares slid as much as 2.AT&T, which bought the former Time Warner Inc for US$85 billion in 2018, is returning to its roots as a phone company after a failed experiment in media.And Colin Huang, who founded e-commerce upstart Pinduoduo Inc, dropped his CEO role in 2020 ahead of Beijing’s crackdown.Liu himself had gradually stepped back from day-to-day operations since he was accused of rape in 2018, a charge the billionaire has denied.Some of China’s richest entrepreneurs have relinquished the reins of their companies in the past two years, after Xi Jinping’s administration trained its sights on arenas from e-commerce to gaming, seeking to curb the growing influence of internet firms.The leadership reshuffle marks a further retreat from the online shopping empire he founded in Beijing in 2004.He made waves in the film industry during the pandemic by releasing all of the Warner Bros movies simultaneously in theaters and on the streaming service.JD was one of the few Chinese Internet titans to avoid a direct hit from the sweeping champaign to rein in Big Tech.founder Zhang Yiming stepped down as chairman last year, months after resigning as chief executive officer of the TikTok owner.” Yoshimura’s predecessor Chujo, joined Honda Malaysia in April last year.

In fact, it has benefited from the crackdown by adding new and returning brands like Starbucks and Estee Lauder to its platform, after antitrust watchdogs fined larger rival Alibaba Group Holding Ltd for antitrust violations and forced it to revamp practices around merchant exclusivity.But the company has been caught in a broader Chinese tech selloff and economic slowdown.And Colin Huang, who founded e-commerce upstart Pinduoduo Inc.JD’s market valuation has shrunk by nearly 45% from its peak last year to about US$92bil (RM388.08bil).Liu himself had gradually stepped back from day-to-day operations since he was accused of rape in 2018, a charge the billionaire has denied.Liu will continue devoting his time to guiding the company’s long-term strategies while mentoring younger management, JD said in its statement.

He will also contribute to the revitalisation of rural China – a priority of Xi’s “common prosperity” agenda.JD was one of the few Chinese internet titans to avoid a direct hit from the sweeping champaign to rein in Big Tech.– Bloomberg Article type: free.

Read more:
The Star »
Loading news...
Failed to load news.

JD’s billionaire founder steps down as CEO of US$92 billion empire(April 7): 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 Thursday. Its shares slid as

Jason Kilar steps down as WarnerMedia CEO ahead of deal closing(April 5): Jason Kilar is departing as chief executive officer of WarnerMedia, days before the parent of Warner Bros studios and HBO merges with Discovery Inc to form a new media company.Kilar, 50, who co-founded and led the Hulu streaming service before going on to run WarnerMedia under current owner AT&T Inc, is stepping down, according to an internal memo.“We’re leading the industry creatively,” Kilar said in the note to staff. “We’ve elevated technology, product, and design to the highest levels

Yoshimura is new Honda Malaysia MD, CEOHONDA Malaysia Sdn Bhd today announced the appointment of a new managing director and chief executive officer, Hironobu Yoshimura (pix), who succeeded...

JD’s billionaire founder steps down as CEO of US$92 billion empire(April 7): 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 Thursday. Its shares slid as

Jason Kilar steps down as WarnerMedia CEO ahead of deal closing(April 5): Jason Kilar is departing as chief executive officer of WarnerMedia, days before the parent of Warner Bros studios and HBO merges with Discovery Inc to form a new media company.Kilar, 50, who co-founded and led the Hulu streaming service before going on to run WarnerMedia under current owner AT&T Inc, is stepping down, according to an internal memo.“We’re leading the industry creatively,” Kilar said in the note to staff. “We’ve elevated technology, product, and design to the highest levels