TapTechNews August 5th news, according to the August 4th report of the Financial Times, although Liu Qiangdong resigned as the CEO of JD.com in 2022, he still continues to quietly manage the company's business in London.
According to multiple people familiar with the matter, over the past few years, Liu Qiangdong has been leading JD.com overseas (mainly in London). People familiar with the matter said that Liu Qiangdong's direct subordinates regularly travel overseas to meet with him, and Liu Qiangdong has also spent some time in Dubai, Tokyo and other places.
They also said that as the chairman of the company, Liu Qiangdong is still a core figure in the company's management, making important decisions on issues such as investment strategy and overseas expansion. He is also looking for deals in the UK and once considered acquiring the UK electronics retailer Currys.
According to TapTechNews' previous report, Liu Qiangdong resigned as the CEO of JD.com in April 2022, and Xu Lei, the former president of JD.com, became the CEO of JD.com. In May 2023, Xu Lei applied for retirement for personal reasons, and JD.com's CFO, Xu Ran, was promoted to CEO.
A person close to the company said, Xu Ran is an executor to ensure things don't go over budget, while Liu Qiangdong continues to guide the company's strategy.
JD.com, which specializes in electronics and household appliances, has been facing fierce competition from discount rival Pinduoduo in the domestic market. Goldman Sachs analysts estimate that by total merchandise revenue, JD.com was replaced by Pinduoduo last year to become the second-largest e-commerce company in China.
JD.com responded by saying: CEO Xu Ran leads the management team and supervises our daily operations. Liu Qiangdong, as the chairman, focuses on the long-term strategy, and international growth is part of the company's long-term strategy. Therefore, he and our leadership set out to find opportunities, build businesses and create the right teams in different markets outside of China, which is a completely appropriate (approach).