JD.com appoints new president as founder Richard Liu steps back

XU Lei, previously head of JD Retail is to become president of JD.com, the tech giant said on September 6. Founder and CEO Richard Liu, will step back from daily operations and focus on long-term strategies, training, and rural revitalization, according to a statement released on JD.com's official website.

Former CEO of JD Health, XIN Lijun, will take up the reins of JD Retail. JIN Enlin is appointed as CEO of JD Health, from pharmaceuticals.

In 2018, Liu was arrested in the US on allegations of rape, badly affecting the company’s reputation. Growth declined for the next six quarters. At that time, Xu Lei adjusted the structure of JD Retail and oversaw the online to offline transformation.  

In Q1, revenue increased by 39 percent compared with the same period last year. JD.com now has half a billion annual active users, a net year-on-year increase of more than 100 million.

The shares of JD.com closed at HK$317.8 (US$40.9) on Monday.