Meituan CEO Takes Over Overseas Business as China Sales Wane

(Bloomberg) — Wang Xing, Meituan’s Chief Executive Officer, is taking direct control of the meal delivery leader’s overseas businesses, part of a sweeping overhaul intended to counter a slowdown and intense competition at home.

The billionaire founder told staff on Friday he will now lead the company’s drone delivery and overseas businesses. He also plans to integrate business lines that once operated relatively independently, such as research and in-store services, with the main Meituan platform. The units will jointly report to Senior Vice President Wang Puzhong after the consolidation, Wang said in an internal memo.