Richard Liu, the Chinese billionaire who is the founder of Chinese e-commerce giant JD.com, has stepped down from his role as CEO of the company, CNBC reported.
The CEO's decision comes as Beijing continues to tighten regulation on its domestic technology sector and scrutinize the business practices of tech companies.
The president of JD.com, Xu Lei, will take over as CEO and join the company’s board of directors, with immediate effect.
It's worth noting that although he's not the CEO anymore, Liu will remain as chairman of the company’s board.
The tech industry in China has witnessed several resignations similar to Liu's recently. In 2021, Colin Huang, the founder of Pinduoduo, stepped down from his role as chairman. In November 2021, ByteDance founder Zhang Yiming resigned from his role as chairman and Su Hua, the co-founder of Kuaishou, also resigned.
JD.com said Liu will focus on guiding the company’s long-term strategies, mentoring younger management, and contributing to the revitalization of rural areas — a key focus of Chinese President Xi Jinping’s “common prosperity” drive, the government’s push toward moderate wealth for all.
