CEO of Chinese e-commerce giant JD.com steps down after just one year as company swings to profit

Shares of Chinese e-commerce big JD.com rose almost 5% in pre-market commerce within the U.S. on Thursday after it swung to revenue and introduced a brand new chief government.

The firm, which is a rival to Alibaba in China, mentioned web gross sales for the primary quarter rose 1.4% year-on-year to 243 billion Chinese yuan ($35 billion), beating an analysts’ common estimate of 239.42 billion yuan, in line with Refinitiv information.

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Net revenue got here in at 6.3 billion yuan versus a lack of 3 billion yuan in the identical interval final 12 months.

JD has benefitted from Chinese customers procuring on-line through the nation’s strict Covid-19 management measures for the reason that pandemic begun in 2020. China scrapped its so-called “zero-Covid” coverage final 12 months.

JD additionally introduced a administration change on Thursday. The firm mentioned its present CEO Xu Lei will step down from the function in June “due to personal reasons.” Xu has solely been CEO for round a 12 months after taking on from JD’s founder Richard Liu.

Xu will function the primary chairman of the advisory council of JD.com and “continue to participate in the high-quality development” of the corporate, JD.com mentioned in a press release.

Sandy Ran Xu, the present chief monetary officer of JD.com, has been appointed because the CEO and an government director of the Beijing-headquartered agency. She has served as CFO of JD.com since June 2020 and joined the agency in July 2018. Prior to her function on the e-commerce agency, she was an audit companion and spent almost 20 years at PricewaterhouseCoopers in China and the U.S.

Ian Su Shan, the present CFO of JD Logistics, will take over as CFO of JD.