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Since last year, Beijing has commenced a widespread economic crackdown across multiple industries, much of which is in line with President Xi’s efforts to make the country more equal. A lot of the CCP’s focus has been on big tech companies, which has led to the resignation or tongue-holding of many companies’ big wigs, like Alibaba’s Jack Ma.
On Thursday, billionaire Richard Liu, the founder of e-commerce giant JD.com, announced that he would be stepping down, and the company’s president, Lei Xu, will be taking over.
JD.com “ … is pleased to announce today that Mr. Lei Xu, president of JD.com, has been appointed as the CEO of the Company to succeed Mr. Richard Liu. Mr. Lei Xu will also join the Company’s board of directors (the “Board”) as an executive director. All these appointments are effective immediately,” wrote a company statement.