Chinese e-commerce giant JD.com’s founder Richard Liu has taken a step back as CEO to be replaced by current company president Lei Xu. Xu has already performed the CEO role for several months but will now officially hold the title, reports Reuters. 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 as JD.com deals with slowing growth, with competition rising and consumer spending shrinking amid tightened regulations in China that have targeted e-commerce platforms.
JD.com has been cutting jobs recently and expanded layoffs in March, according to local media, as have other Chinese technology companies that are slashing their workforce to cut costs in a weaker, pandemic-ravaged economy. JD.com’s US-listed shares have nearly halved since their peak in February 2021.