The Chinese language tech large introduced Thursday that Richard Liu would go the baton to Lei Xu, JD.com’s present president, efficient in an instant. Liu, who owns a controlling stake with about 77% of vote casting energy, will stay the corporate’s chairman, whilst Xu will sign up for the board as an government director.
In a observe remaining fall, analysts at Citi mentioned that Xu’s promotion indicated that he had finished neatly in bettering “consumer acquisition and retention,” and “would now not be shocked” if he in the end was Liu’s successor.
Liu, whose Chinese language identify is Liu Qiangdong, began JD.com in 2004.
Remaining 12 months, the chief started to “commit extra time to formulating the corporate’s long-term methods, mentoring more youthful control, and contributing to the revitalization of rural spaces,” the corporate mentioned in a remark on the time.
In a remark Thursday, the billionaire mentioned that Xu was once the suitable successor, calling him “very talked-about each outside and inside the corporate.”
“I imagine that JD has constructed a robust footing within the trade with sound control construction and numerous superb industry leaders,” he added.
