JD.COM Inc. said yesterday founder and chief executive Richard Liu will switch his focus to the e-commerce giant’s long-term strategy, creating the new role of president to run the company’s day-to-day operations.

The move comes as several other founders of China’s tech companies have gradually relinquished the top job, such as at Alibaba and ByteDance, although Liu, 48, will retain his title as chief executive and his board seat.

The new role of president will be filled by Xu Lei, currently CEO of JD Retail, JD’s biggest division, who has taken on a more prominent public role at the company in recent years.

Liu, who started the company that would become JD.com in 1998, will also spend more time mentoring younger management and contributing to the revitalization of rural areas, JD said in a statement.

“Looking to the future, the correct long-term strategic design, the growth and development of young talents, and the healthy and coordinated development of various business units will continue to be the driving force for JD, in doing the hardest and most challenging, but right and most valuable things for the industry,” Liu said in the statement.

Liu owns nearly 80 percent of JD’s voting power, according to its 2020 annual report, and some investors have previously raised concerns his tight control, coupled with the lack of an obvious successor, had posed a management risk. (SD-Agencies)