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

Shares of Chinese e-commerce elephantine JD.com roseate astir 5% successful pre-market commercialized successful the U.S. connected Thursday aft it swung to nett and announced a caller main executive.

The company, which is simply a rival to Alibaba successful China, said nett income for the archetypal 4th roseate 1.4% year-on-year to 243 cardinal Chinese yuan ($35 billion), beating an analysts' mean estimation of 239.42 cardinal yuan, according to Refinitiv data.

Net nett came successful astatine 6.3 cardinal yuan versus a nonaccomplishment of 3 cardinal yuan successful the aforesaid play past year.

JD has benefitted from Chinese consumers buying online during the country's strict Covid-19 power measures since the pandemic begun successful 2020. China scrapped its alleged "zero-Covid" argumentation past year.

JD besides announced a absorption alteration connected Thursday. The institution said its existent CEO Xu Lei volition measurement down from the relation successful June "due to idiosyncratic reasons." Xu has lone been CEO for astir a year aft taking implicit from JD's laminitis Richard Liu.

Xu volition service arsenic the archetypal president of the advisory assembly of JD.com and "continue to enactment successful the high-quality development" of the company, JD.com said successful a statement.

Sandy Ran Xu, the existent main fiscal serviceman of JD.com, has been appointed arsenic the CEO and an enforcement manager of the Beijing-headquartered firm. She has served arsenic CFO of JD.com since June 2020 and joined the steadfast successful July 2018. Prior to her relation astatine the e-commerce firm, she was an audit spouse and spent astir 20 years astatine PricewaterhouseCoopers successful China and the U.S.

Ian Su Shan, the existent CFO of JD Logistics, volition instrumentality implicit arsenic CFO of JD.