Stock Groups founder Richard Liu steps down as CEO of e-commerce giant


Richard Liu will be stepping down as the CEO of Chinese ecommerce company. After a series of prominent tech founders resigned, his departure follows Beijing’s regulation crackdown on China’s domestic tech sector.

Visual China Group | Visual China Group | Getty Images’sRichard Liu, a billionaire founder of Chinese ecommerce giants, has been appointed chief executive officer. He joins a host of other high-profile tech leaders who have resigned from their positions at companies that they founded.

Beijing is continuing to enforce strict regulations in its technology sector, and closely scrutinizes the business practices of businesses.

Xu Lei will become the CEO of and joins the board of directors.

This is’s second major management change in seven months. The September reshuffle took place. Xu was appointed presidentHe has resigned from his position as’s head of the retail business. Liu will continue to be chairman of the board.

Since he left, Liu is more relaxed at accused of rape in 2018This is an allegation that he denies.

Liu is stepping down as the CEO after several technology executives have stepped away from businesses that they had founded within the last year. Colin Huang, founder of an e-commerce startup that is rapidly growing, was last year. Pinduoduo, resigned as chairman. In November ByteDance founder Zhang YimingSu Hua, co-founder and chairman of short video apps, resigned. KuaishouAlso, resigned.

Beijing has attempted to improve regulation, from data protection to antitrust, and it has penalized companies that violate its rules., contrary to its competitor, has not been subject to any significant regulatory actions. AlibabaIt was hit with a $2.8 billion anti-monopoly fine. said Liu will focus on guiding the company’s long-term strategies, mentoring younger management, and contributing to the revitalization of rural areas — a key focus of Chinese President Xi Jinping’s “common prosperity” drive, the government’s push toward moderate wealth for all.