What’s new: The CEO of Chinese e-commerce giant JD.com’s courier arm, Yu Yui, stepped down Monday due to “health reasons,” the unit said in an exchange filing.
Veteran executive Hu Wei took over as JD Logistics Inc.’s CEO and stepped into Yu’s other roles at the unit the same day, the filing said. Hu had held multiple senior positions under the JD.com Inc. umbrella after joining the group in early 2010, including CEO of Jingdong Property Inc. from April 2019 to this month.
Yu, who is a JD Group veteran of nearly 15 years, was appointed CEO of JD Logistics at the end of 2020, prior to the unit going public in Hong Kong in May 2021. He had also served as an executive director and authorized representative at JD Logistics.
The background: The management change at JD Logistics, which provides its parent and third-party companies with supply chain and logistics services, came more than a month after JD.com named its chief financial officer Xu Ran as its new CEO, succeeding Xu Lei, who was set to retire in June due to personal reasons.
JD Logistics’ first-quarter net loss narrowed year-on-year to 988.9 million yuan from 1.39 billion yuan ($136.7 million) as revenue rose 34.3% to 36.7 billion yuan, its earnings report showed. About 70% of its revenue came from providing services to third-party customers.
Contact reporter Ding Yi (yiding@caixin.com) and Leila Hashemi (leilahashemi@caixin.com)
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