Billionaire founder of Chinas JD.com steps down as CEO as Beijings tech crackdown continues
Summary
His departure comes after a number of high-profile technology founders exited their leadership positions amid Beijings regulatory crackdown on its domestic tech sector. JD.coms billionaire founder Richard Liu has stepped down as chief executive of the Chinese e-commerce giant, joining a slew of high-profile tech bosses who have relinquished their roles at the companies they started. That comes as Beijing continues to tighten regulation on its domestic technology sector and scrutinize the business practices of companies. Xu Lei, the president of JD.com, will take over as CEO and join the companys board of directors, with immediate effect. In September, Xu was appointed president after leaving his role as head of JD.coms retail business.
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