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. 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 2.9% 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.
JD was one of the few Chinese Internet titans to avoid a direct hit from the sweeping champaign to rein in Big Tech. 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.
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