JD CEO Joins The Likes Of Alibaba, Pinduoduo, ByteDance - Read How? - JD.com (NASDAQ:JD)

JD.com Inc JD appointed JD Retail CEO Lei Xu its first President as founder and CEO Richard Liu departed from day-to-day business.
Liu will remain chairman and CEO focussed on formulating JD.com's long-term strategies, mentoring younger management, and contributing to the revitalization of rural areas.
Liu still owns around 80% of the voting rights of JD.com, CNBC reports.
Liu's control of JD.com hit the headlines after his arrest in Minneapolis in 2017 following a rape allegation, which he denied, Reuters reports.
JD Health head Xin Lijun will become the CEO of JD Retail. The marketplace business head Jin Enlin was named the JD Health CEO.
Liu joins peers, including Pinduoduo Inc PDD founder Colin Huang and TikTok owner ByteDance Ltd. founder Zhang Yiming, who relinquished their leadership positions facing tougher competition and a widening crackdown by Beijing.
In 2019, Alibaba Group Holding Ltd BABA co-founder Jack Ma exited as chairman.
Price Action: JD shares traded higher by 2.15% at $81.57 in the premarket session on the last check Tuesday.