JD.com founder Richard Liu is the latest Chinese tech billionaire to step back from the CEO role amid Beijing’s ongoing crackdown on sector


Source: scmp.com scmp.com

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E-commerce giant JD.com said its founder Richard Liu Qiangdong has handed over the chief executive role to company president Xu Lei, in the latest example of a Chinese tech billionaire retreating from daily operations amid Beijing’s ongoing crackdown on the sector. Xu, with more than 10 years at the company, will also join the board as an executive director, while Liu remains as chairman where he will “continue to focus on guiding the company’s long-term strategies, mentoring younger management, and contributing to the revitalisation of rural areas”, JD said in a statement on Thursday. “I’ll devote more of my time...