SHANGHAI (Reuters) – China’s JD.com said on Monday founder and chief executive Richard Liu will switch his focus to the e-commerce giant’s long-term strategy, creating the new role of president to run the company’s day-to-day operations. Citi analysts said Xu’s promotion reflected the way he had proven his leadership and management skills in spearheading JD Retail’s operations and he was a potential successor to Liu. “We believe if Mr. Xu further proves his management capability, we would not be surprised if he is positioned as a potential successor to Mr. Richard Liu should Mr. Liu decide to step down one day,” they said in a Monday note. Following Xu’s promotion, Liu will retain his board seat and position as CEO of JD.com, a company spokesperson confirmed. In 2021, ByteDance founder Zhang Yiming announced he would step down from his role as CEO, while Pinduoduo Inc founder stepped down as chairman following an earlier resignation of his CEO title.

Source: MetroXpress September 06, 2021 03:45 UTC