JD.com Changes Management, CEO Xu Lei Will Retire for Personal Reasons

Chinese e-commerce large JD.com introduced on May eleventh that its present CEO, Xu Lei, has resigned from his place resulting from private causes. The firm’s CFO, Sandy Xu, will take over as the brand new CEO and Xu Lei will easily hand over his duties earlier than retiring in June. Following his retirement, he’ll function the primary chairman of JD.com‘s advisory committee.

Richard Liu, the founding father of JD.com, made a powerful comeback on the finish of final 12 months by main a number of rounds of changes in group, technique and enterprise targets. He diminished organizational reporting ranges and mobilized worker vitality to deal with the difficult macro atmosphere and more and more fierce business competitors. Additionally, he recognized “low-price strategy” because the core course for JD Retail over the subsequent three years.

LatePost reported that in latest inner firm conferences, Liu has constantly been the person accountable for figuring out the corporate’s technique and offering critiques on enterprise growth issues. Unlike his strategy throughout government conferences from 2019 to 2020, he now not presents ideas with a disclaimer of leaving closing choices as much as others.

Xu Lei’s expectations have been met, and he has at all times been conscious of his personal place. During an interview with LatePost in 2019, Xu expressed that he believed Liu had by no means really left and that Liu merely wanted to adapt his position as circumstances modified.

Xu Lei, who was born in 1974, joined JD.com on the age of 35 and has since turn out to be certainly one of its longest-serving executives. He shares a longstanding relationship with Liu and is very regarded by many inside the firm for their uncommon understanding.

After Xu Lei joined JD.com, the corporate skilled a reversal of its earlier decline. In Q2 2020, JD.com‘s quarterly energetic customers elevated by 30% YoY to succeed in 30 million folks – the very best progress charge in 11 quarters. By 2021, JD.com‘s internet revenue had reached 951.6 billion yuan ($138 million), representing a YoY progress of 27.6%. It was in September of that 12 months that Xu Lei grew to become President of JD.com and later appointed as CEO and Executive Director of the Board in April 2022.

Sandy Xu, the lately appointed CEO of the group, is 46 years previous. She joined JD.com in 2018 and was promoted from Vice President of Finance to Senior Vice President. In June 2020, she took on the position of Group CFO. A JD.com insider said that she will work intently with Richard Liu.

In July 2018, Xu Lei grew to become the CEO of JD.com. He spent over 4 months analyzing the problems current within the firm’s e-commerce channel at the moment. During this era, Sandy Xu assisted in evaluating the channel’s monetary scenario and recognized potential enterprise dangers if operational and organizational adjustments weren’t made. As a end result, Xu Lei initiated a number of rounds of changes to enhance each the group and its operations.

SEE ALSO: Two Subsidiaries beneath JD.com to Debut in Hong Kong

Over the final three years, Sandy Xu has efficiently led her group in finishing mergers and acquisitions for famend listed corporations like Dada and Deppon. Additionally, she spearheaded enterprise restructuring for JD Tech whereas additionally taking part in a pivotal position in selling JD.com‘s secondary itemizing on the Hong Kong Stock Exchange. Furthermore, she was instrumental in overseeing the listings of JD Health and JD Logistics.

During his promotions at JD.com, Xu Lei tailored to the numerous adjustments within the atmosphere, such because the escalation of Sino-US commerce frictions in 2018, web business regulation in 2021, and COVID-19 sweeping throughout the nation in 2022. Currently, Sandy Xu faces a brand new spherical of challenges as JD.com‘s market capitalization is lower than $50 billion – decrease than its low level on the finish of October final 12 months. Instead of growth, it’s essential for JD.com to deal with returning to cost-effectiveness and effectivity inside its current enterprise framework whereas reinvigorating organizational vitality.

Sign up at this time for 5 free articles month-to-month!