Richard Liu, founder of Chinese e-tailer JD.com, has announced he will step away from heading daily operations. He will, however, remain president.
Liu confirms in a press release that he will operate in the background from now on, designing his company's long time strategies and advising younger management.
The day-to-day activities will be headed by Lei Xu, effective immediately. Xu has been on board at JD.com for twelve years now, and was named head of JD Retail three years ago.
The Chinese government has been trying to limit the power of big tech companies and its key people, a policy which already caused Alibaba founder Jack Ma to step aside.