JD.com founder Liu to step away from front line

China's JD.com's founder and chief executive Richard Liu is to step away from day-to-day operations.

The billionaire will switch his focus to the e-commerce giant's long-term strategy.

The move comes as several other founders of China's tech companies have gradually relinquished the top job.

Including at Alibaba and TikTok-owner ByteDance.

Liu owns nearly 80% of JD's voting power, according to its 2020 annual report, and some investors have previously raised concerns over his tight control.

That became a focus after he was arrested in the U.S. city of Minneapolis in 2017 following a rape allegation, which he denied and was not charged for.

The Chinese government has in recent months launched a regulatory crackdown on a range of industries.

It's left startups and decades-old firms operating in an uncertain environment and rattled investors.

Liu will retain his title as chief executive and his board seat.

JD.com will create a new role of president to run the company's daily operations.

That will be taken on by Xu Lei, currently CEO of JD's biggest division.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting