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Retail founder Richard Liu hands over CEO role

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

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.

The company said Liu, 48, will focus on long-term strategy and mentor younger managers as well as guide an initiative to revitalize rural areas. He retains control of through his 76.9% voting stake.

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