Finance chief to take over top job at JD in June
Chinese e-commerce giant JD has said that its chief executive officer Xu Lei will retire from the role in June and hand the reins to chief financial officer Xu Ran, a move that industry analysts said coincides with the internet retailer's slowest pace of growth amid fierce competition from local rivals including PDD Holdings Inc and Alibaba Group Holding Ltd.
Xu Lei, who was handed the role by JD founder Liu Qiangdong about a year ago, will retire from his position as CEO due to personal reasons. Xu Lei has been with JD for over a decade in various senior roles and made significant contributions to the company, JD said in a statement on Thursday.
Xu Lei will serve as first chairman of JD's advisory council and continue to participate in the company's project management and strategic planning.