JD Logistics’ Hong Kong-born CEO Yu Yui, 41, steps down after two years in role
- Yu, who became CEO of the logistics arm of JD.com in December 2020, has resigned for personal health reasons
- Yu, said to be born in a middle class family in Hong Kong, will be succeeded by Hu Wei, formerly the product development chief at JD.com
The CEO of JD Logistics for the last two years, 41-year-old Yu Yui, has stepped down for personal health reasons, the company has announced, in one of the latest executive-level reshuffles in the business empire founded by Chinese billionaire Richard Liu Qiangdong.
Yu, a permanent resident of Hong Kong who started at e-commerce giant JD.com as a management trainee in 2008 and climbed the corporate ladder to helm the company’s logistics arm, resigned as CEO, executive director and the authorised representative of Hong Kong-listed JD Logistics effective from Monday, according to a stock filing.
The company thanked Yu for his leadership in “ensuring supply of services during the fight against Covid, the official launch of JD Airlines, [and] the strategic acquisition of Deppon Logistics”.
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The changes came a week after JD.com laid out an ambitious growth plan on June 18, its 20th anniversary, as competition intensifies in China’s already heated e-commerce market.
Under its “35711 Vision”, the Beijing-based firm wants to establish in the next 20 years three enterprises, each with over 1 trillion yuan (US$140 billion) in revenue and 70 billion yuan in net profit; five enterprises on the Fortune Global 500 list; and seven listed companies – each with a market cap of at least 100 billion yuan.