Asian Tech Press (Apr. 7) -- Chinese e-commerce giant JD.com Inc announced Thursday that the company's founder Richard Liu Qiangdong stepped down as CEO.

JD.com said in an announcement that Liu will continue to serve as chairman of the board of directors and work on the company's long-term strategic design, deployment of major strategic decisions, training of young leaders and rural revitalization.

And Lei Xu, president of JD.com, replaces Liu as CEO of the company and will also join the board of directors of JD.com as an executive director.

The announcement shows that Xu has been with JD.com for more than 10 years and has served as CEO of JD Retail, Chief Marketing Officer of JD.com, Head of JD Wireless, and head of marketing department.