Xu Lei is the new president of JD.com and will lead the day-to-day operations of the company’s various business units, as founder, chairman and chief executive, Liu Qiangdong, also known by the English name Richard Liu, devotes more time to formulating long term strategies, mentoring younger management and “contributing to the revitalisation of rural areas,” according to a press statement.
Rural revitalisation has become a popular focus for China’s tech billionaires recently, in particular in the weeks since Chinese President Xi Jinping publicly commented on the country’s need for “common prosperity”, encouraging high income groups and businesses to “return more to society.”
Tencent said it would spend the equivalent of $7.7 billion promoting common prosperity this year, by investing in medical care, education and revitalising rural areas, meanwhile group-buying e-commerce platform, Pinduoduo, also pledged to help farmers and rural areas with a contribution of $1.55 billion.
Xu, previously head of JD.com’s JD Retail division, has been with the company since 2009 and will continue to report to Liu in his new role. He has been replaced as CEO of JD Retail by Xin Liujin.
Billions of dollars were wiped from the stock market valuations of luxury’s largest companies last week, but investor fear over President Xi Jinping’s calls for wealth redistribution may be overblown.