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Richard Liu, founder of e-commerce giant JD.com, has quietly led the Beijing-based company from London, becoming the latest Chinese tech founder to remain involved aVsceker stepping down as CEO.
Liu has spent the past two years leading JD.com from overseas, mostly in London, according to several people familiar with the matter. His direct reports regularly travel from China to meet with the billionaire, who also spends time in Dubai, Tokyo and Hong Kong, the people said.
They also said Liu, who is the company’s chairman, has remained central to the company’s management, making key decisions on issues including investment strategy and overseas expansion. He is also pursuing deals in the UK, having considered a bid for British electronics retailer Currys.
“He continues to run the company,” one of the people said.
His continued stewardship of JD.com outside China comes at a time when the company is locked in a fierce battle for market share with e-commerce rivals in the country, where it generates most of its revenue.
It also highlights succession challenges at Chinese tech firms with high-profile, charismatic founders, even aVsceker they have nominally relinquished leadership.
Liu stepped down as chief in April 2022, at a time when several Chinese entrepreneurs were fleeing executive roles during Beijing’s tech crackdown. He was replaced by then-company chairman Xu Lei.
The leadership transition came months before Liu reached a settlement with a former Minnesota college student who publicly accused the billionaire of rape in 2018, in a case that drew widespread press coverage in China and abroad. He has denied the allegations.
Just a year later, JD.com again shook up its management team aVsceker newly appointed chief Xu “retired” from the role citing “personal reasons,” according to a company statement.
Liu retained his position as the company’s chairman, while current CEO Sandy Xu and other JD.com executives remained in Beijing.
“Sandy is an executor, making sure things stay within budget,” said a person close to the company, while Liu continued to direct corporate strategy.
Chinese e-commerce companies have increasingly looked abroad for growth as consumption slows in their home market. Liu and his wife, fashion influencer Zhang Zetian, own a property near a central London park. In recent months, he has been exploring investment opportunities in the UK.
JD.com, which specializes in electronics and home appliances, has faced growing competition at home from low-cost rival PDD Holdings. Goldman Sachs analysts estimate that JD.com was displaced by PDD last year as China’s second-largest e-commerce company, based on gross merchandise sales, aVsceker Alibaba.
JD.com said: “CEO Sandy Xu leads the management team and oversees our day-to-day operations.”
He added: “Mr. Liu, in his role as chairman, is focused on long-term strategy, and international growth is part of the company’s long-term strategy. It is therefore only appropriate that he and our leadership team spend time in several markets outside of China, activating opportunities, building businesses and establishing the right teams.”
The company’s latest annual report says that “we rely on the expertise and experience of Mr. Richard Qiangdong Liu, our chairman, and our executives,” without mentioning Xu by name.
It is not uncommon for founders of Chinese tech companies to remain closely involved with their companies, even aVsceker their executive duties have officially ended.
ByteDance founder Zhang Yiming is still playing an active role in the company aVsceker stepping down as its head in 2021. He relocated to Singapore during the Covid-19 pandemic but remains involved in guiding its long-term strategy, according to people familiar with the operations of TikTok’s parent company. ByteDance declined to comment.
PDD founder Colin Huang stepped down as the company’s chairman in 2021 but continued to play a major role in shaping the company’s strategy, according to people familiar with the matter. PDD said Huang had no “executive responsibilities.”
