Benzinga | Sep 7, 2021 05:35AM EDT

JD CEO Joins The Likes Of Alibaba, Pinduoduo, ByteDance - Read How?

* JD.com Inc (NASDAQ:JD) appointed JD Retail CEO Lei Xu its first President as founder and CEO Richard Liu departed from day-to-day business.

* Liu will remain chairman and CEO focussed on formulating JD.com's long-term strategies, mentoring younger management, and contributing to the revitalization of rural areas.

* Liu still owns around 80% of the voting rights of JD.com, CNBC reports.

* Liu's control of JD.com hit the headlines after his arrest in Minneapolis in 2017 following a rape allegation, which he denied, Reuters reports.

* JD Health head Xin Lijun will become the CEO of JD Retail. The marketplace business head Jin Enlin was named the JD Health CEO.

* Liu joins peers, including Pinduoduo Inc (NASDAQ:PDD) founder Colin Huang and TikTok owner ByteDance Ltd. founder Zhang Yiming, who relinquished their leadership positions facing tougher competition and a widening crackdown by Beijing.

* In 2019, Alibaba Group Holding Ltd (NYSE:BABA) co-founder Jack Ma exited as chairman.

* Price Action: JD shares traded higher by 2.15% at $81.57 in the premarket session on the last check Tuesday.