JD’s top management undergoes major reshuffle after executive salary pay cut

JD’s top management undergoes major reshuffle after executive salary pay cut
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Chinese e-commerce giant JD has undergone its biggest personnel adjustment in recent years, with a major reshuffle of president-level executives in its main retail business group, local media outlet LatePost reported on Thursday. The company’s main divisions have all been affected, including the 3C home appliance sector, which contributed nearly 60% of JD retail’s revenue in the third quarter of this year, and has now been split into new home appliances and computer communications divisions. The latter will now be headed up by Wu Shuangxi, a rapid rise for a figure who joined the company as a management trainee in 2012 and has made the move from vice president to president in less than a year. Online news outlet 36Kr cited several sources as saying weaker-than-expected growth during this year’s Singles Day festival is the main reason for the overhaul, with the report noting that the Beijing-based company set a target of 20% growth to RMB 400 to RMB 420 billion ($55.8 to $58.6 billion) for overall sales during the festival, but could only manage the growth of 8.5% to RMB 380 billion. The reorganization comes after it was reported that top JD execs would see their salaries cut by as much as 20% amid an ongoing economic slowdown. [LatePost; 36Kr, in Chinese]

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