Company president Lei Xu will take over as CEO and join the board of directors, effective immediately. Its shares were down just over three per cent at 4 p.m. ET. (The Logic)
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Company president Lei Xu will take over as CEO and join the board of directors, effective immediately. Its shares were down just over three per cent at 4 p.m. ET. (The Logic)
Talking point: Several of China’s highest-profile tech executives, including Colin Huang of Pinduoduo, Zhang Yiming of ByteDance and Su Hua of Kuaishou, have left their leadership positions at the companies they founded as Beijing increases its regulation of the domestic tech sector. The tighter regulatory environment means executives have to spend more time communicating with the government to make sure their business stays on the right side of the changing rules. “I believe that JD has built a strong footing in the industry with sound management structure and a large number of excellent business leaders,” said company chairman Richard Liu in a statement.
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