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rodeoneerer
Apr 14, 2022
In General Discussions
China's class of billionaire of founder-CEOs are feeling the pressure of government scrutiny.Ultra-wealthy Liu Qiangdong, also known as Richard Liu, is stepping back from his role as chief executive of JD.com, China's Amazon-like e-commerce giant. JD.com said on Thursday that Liu has left his role as CEO, but that he remains chairman of the company's board. Liu is the latest in a string of Chinese technology company founders who have stepped down from leadership positions in recent years. Last year, e-commerce firm Pinduoduo’s founder Colin Huang resigned as chairman and Bytedance founder Zhang Yiming also left his position as chairman of the firm. JD.com's last major management reshuffle was last September, when Xu was promoted to president of the company to run “day-to-day operations”, the firm said at the time. Xu has held various senior roles during his decade-plus time at JD.com, including CEO of JD Retail, chief marketing officer of the company, head of JD Wireless and head of the marketing department. As president of the company, he was in charge of operations and collaborative development of the various business units. All rank among the richest people on the planet, per Bloomberg, but even their wealth has not staved off scrutiny by Beijing. None of the departing founders have publicly cited government pressure as reasons for leaving or changing roles, but their departures all coincide with increasingly aggressive regulation and threats of breakups. Like many Chinese technology companies, JD.com’s finances have suffered over the past year. The company reported a net loss of 5.2 billion yuan ($817 million) for the fourth quarter of 2021, compared to a net income of 24.3 billion yuan ($3.8 billion) in the previous year, even as revenue grew 23%. Do you want to own these shopping privileges? Why not buy cheap JD Plus Membership at https://www.z2u.com/jd/Top-Up-2-16483 from trusted and verfied sellers, all the products are offered with up to 30% off price with ultra fast delivery!
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