June 29, 2022

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China’s JD.com promotes Lei Xu to CEO as founder Liu steps back

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JD.com Inc promoted its president, Lei Xu, as chief executive officer on Thursday to succeed founder Richard Liu, officially handing him the reins of the Chinese e-commerce company after he performed the role for several months.

Xu, who has worked at JD.com for more than a decade, will start the top job immediately, the company said in a statement, adding that he will also join the board as an executive director.

Xu’s appointment comes with JD.com dealing with slowing growth as competition rises and consumer spending shrinks amid tightened regulations in China that have targeted e-commerce platforms.

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JD.com has been cutting jobs recently and expanded layoffs in March, according to local media, as have other Chinese technology companies who are slashing their workforce to cut costs in a weaker, pandemic-ravaged economy. JD.com’s U.S.-listed shares have nearly halved since their peak in February 2021.

Reuters reported last month that China’s internet giants Alibaba Group and Tencent Holdings are preparing for layoff rounds this year that might cut tens of thousands of jobs.

JD.com’s core e-commerce business remained solid and the job cuts were happening at its marginal businesses, said Liu Xingliang, president of tech consultancy China Internet Data Center.

“Richard Liu is handing over the baton to Xu Lei, who will take care of the everyday business,” he said.

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Richard, who started the company that would become JD.com in 1998 and a few years back had called out what he said were…

Reuters

2022-04-07 00:35:38

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