Liu qiangdong will no longer serve as CEO of JD.com, while Xu Lei will be promoted

2022-05-27 0 By

Liu Qiangdong will no longer serve as CEO of JD.com, the company announced on the Hong Kong Stock Exchange on The morning of April 7. Xu Lei, president of JD.com, will be promoted to the post.Mr Liu will remain chairman of jd.com.In the future, Xu Lei will be responsible for daily operations of JD Group and continue to report to Liu Qiangdong, who will devote more energy to long-term strategic design, major strategic decision-making and deployment, training of young leading talents and rural revitalization.Liu Qiangdong will no longer serve as CEO of JD.com, the company announced on The Hong Kong Stock Exchange on Thursday morning. Xu Lei, president of JD.com, will be promoted to the post.Mr Liu will remain chairman of jd.com.According to the announcement, Xu will continue to be responsible for daily operations of JD.com and continue to report to Liu, who will devote more energy to long-term strategic design, major strategic decisions and deployment, training of young leading talents and rural revitalization.This means that the “number two” Xu Lei officially replaced Liu Qiangdong as the apparent head of jd group, Liu qiangdong will focus more on the company’s long-term strategy.Although no longer the group’s CEO, Liu qiangdong remains jd.com’s largest shareholder and has absolute control.Liu qiangdong holds 434.5 million ordinary shares, accounting for 13.9 percent of the shares and 76.9 percent of the total voting rights, according to a previous JD.com filing with the Hong Kong Stock Exchange.In February, Liu announced that he would donate 62,376,643 class B common shares to a third-party foundation for charitable purposes.At that time, Liu qiangdong held 434.5 million common shares, accounting for 13.9 percent of the shares and 76.9 percent of the total voting rights, while other JD.com executives Xu Lei, Xu Ran and Zhang Pang held less than 1 percent of the common float, according to a COMPANY filing with the Hong Kong Stock Exchange in April 2021.After the donation, Liu’s stake dwindled to 360m shares, still larger than walmart’s and still dominant in voting rights.Who is Xu Lei?””Anyone who refuses to accept Xu Lei is not willing to accept me,” Liu qiangdong said in an internal meeting of jingdong’s top executives in 2019.Moreover, in recent years, Liu qiangdong has chosen to step back from the background and let Xu Lei step forward in the public occasions of JINGdong, even including the important activities of returning to Hong Kong and listing of jingdong.Xu Lei joined JD in 2009 and served successively as the head of JD marketing and brand, the head of JD wireless business department and the head of JD platform operation. He became THE CEO of JD Retail in July 2018 and led JD retail to achieve rapid growth for three consecutive years.Xu lei was promoted to president of JD.com in September last year.Xu lei led the design of JD.com’s 618 shopping festival.Xu Lei believes that promotion can be done for 20 days, and the flow can also be guided by the rhythm of marketing, but we must let consumers remember a symbol, that is JINGdong 618.In 2014, JINGdong 618 Shopping Festival was officially born.Today, Jingdong 618 and Taobao Double 11 have become the two most famous shopping festivals.Mr. Xu was also quick to see the importance of traffic from the sinking market. For all of last year, JD had about 570 million active buyers, a net increase of 100 million from the previous year. 70% of those 100 million users came from the sinking market.Early leading marketing work, 618 merit, promote JD PC transformation wireless, and then served as THE CEO of JD Retail in July 2018, Xu Lei established the “truth-based, customer-centered value creation” JD retail business philosophy, three consecutive years led the retail business to achieve high-quality growth, etc., in the official aperture,Xu Lei du has made “outstanding contributions”.Taking over as CEO, Mr. Xu will be more flexible in managing and adjusting the business, and may be able to reverse the losses.Since last year, a number of Internet giant founders have announced plans for longer-term ventures.Jack Ma stepped down as CEO of Alibaba Group in 2013. Six years later, he stepped down from the group’s board of directors and handed the company to Daniel Zhang to run the company. Alibaba’s partnership system ensures a smooth management transition.Bytedance founder Zhang Yiming stepped down as CEO and chairman of the board in May and November 2021, and was replaced by co-founder Liang Rubo.Zhang yiming said he will no longer focus on day-to-day management of the company and will focus on long-term priorities such as long-term strategy, corporate culture and social responsibility.Pinduoduo founder Huang Zheng also stepped down as chairman of pinduoduo in March last year and was replaced by current CEO Chen Lei. Huang said he would devote himself to research in food science and life science in the future.From the development of the Internet environment, it can be seen that the Internet enterprises in the last 10 years are thriving because they are still emerging industries. In this, the significance of leaders for start-ups is self-evident.As the Internet enters the mature stage and the laws and regulations are gradually improved, The Internet in China has bid farewell to the original stage and gradually transitioned to the consumer-centered demand-oriented development path.By 2022, Alibaba will have been founded for 23 years, JD.com for 24 years, Tencent for 24 years, and NetEase for 25 years.After experiencing high-speed growth, Internet enterprises are gradually experiencing a “midlife crisis”.As Huang says: “As a founder, jumping out to touch the stones on the road 10 years later may be a more suitable candidate.If it can be combined with my own interests, that’s great.”They choose to invest more time in long-term strategic design. With the change of The Times, Internet companies have also started to evolve and adjust for the future, and take the initiative to carry out innovation and upgrading iterations in the next 10 years.