JD’s Founder Steps Down as CEO of $92 Billion Empire
- President Xu Lei becomes new CEO and a board director
- Liu the latest to step back as Beijing’s crackdown exacts toll
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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 closed 3.2% lower in Hong Kong.