By Dhirendra Tripathi

Investing.com – ADRs of JD.com (NASDAQ:) traded 2% lower in premarket Thursday after the company said its founder Richard Liu has stepped down as chief executive officer.

Xu Lei, who was recently promoted to president after more than a decade, takes the helm at China’s second largest online marketplace immediately.

Liu’s lieutenant joins JD’s six-member board while Liu remains chairman, the company said in a filing Thursday. According to Reuters, Liu holds a close 14% share in the retailer.

JD.com was valued at over $90Billion as of Wednesday’s close. The stock fell more than 29% last year but is not suffering the same fate as other Chinese stocks.

While many Chinese online and tech companies have suffered from the massive campaign to curb Big Tech on the mainland, this company has seen its profits by adhering to the new rules. It has added new or seen the return of brands like Starbucks (NASDAQ:) and Estée Lauder (NYSE:) to its platform.

Liu will continue devoting his time to guiding the company’s long-term strategies while mentoring younger management, JD said in its statement.