Apr 07, 2022 07:44 PM
TECH Founder Richard Liu Becomes Latest Tech Billionaire to Give Up CEO Role

Xu Lei. Photo: VCG
Xu Lei. Photo: VCG Inc.’s billionaire founder Richard Liu has handed off his CEO title to company President Xu Lei, becoming the latest Chinese tech tycoon to relinquish top management responsibilities amid Beijing’s tightening oversight of the sector.

Liu ― who also goes by Liu Qiangdong — will stay on as board chairman and “continue to focus on guiding the company’s long-term strategies, mentoring younger management and contributing to the revitalization of rural areas,” the Beijing-based said in an exchange filing Thursday.

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