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Retail founder Richard Liu hands over CEO role

Transition to President Xu Lei comes as company cuts staff amid losses

Richard Liu will turn his focus to long-term strategy and mentor younger managers as well as guide an initiative to revitalize rural areas.    © AP

HONG KONG -- Richard Liu, founder of Chinese online retailer, will hand over the role of chief executive to President Xu Lei while remaining as chairman, the company said on Thursday.

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