JD.com Founder Richard Liu Becomes Latest Tech Billionaire to Give Up CEO Role

JD.com 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 JD.com said in an exchange filing Thursday.