The founder of JD.com, Richard Liu, has resigned from the role of CEO making way for successor Xu Lei, its erstwhile president. Whether this has come as a result of the Chinese government seeking to clip the wings of billionaire business founders and exert its own control over their companies remains to be seen.
In a recent report, Reuters had said that JD.com had made a statement to the effect that Liu will now guide the company’s long-term strategies and focus specifically on supporting the Chinese president’s current drive to skill up younger managers and revitalise rural areas.
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