JD.com has appointed its president Lei Xu as CEO to replace current chief Richard Liu, who will stay on as chair of the Chinese ecommerce titan’s board. Xu will also join the board as an executive director.
Lei Xu, the company’s new CEO / Photo source: JD.com
Xu joined JD.com in 2009 and has held several roles: head of marketing, head of JD Wireless, chief marketing officer, and CEO of JD Retail. He is also a director at Dada, a supply chain firm, and ATRenew, a platform specializing in used consumer electornic goods.
As president of JD.com, Xu was in charge of operations and collaboration among the company’s various business units.
Meanwhile, exiting CEO Liu said in a statement that he will focus on JD.com’s long-term strategy and its future growth.
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In the fourth quarter of last year, JD.com swung to a net loss of US$800 million from a net profit of US$3.8 billion in 2020. The company posted a net loss of US$600 million for the financial year ended 2021 compared with a net profit of US$7.8 billion in 2020.
Editing by Miguel Cordon and Eileen C. Ang
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