Pinduoduo founder exits board as e-commerce firm surpasses Alibaba
Colin Huang, the founder of Chinese e-commerce group Pinduoduo, has stepped down as Chair to explore “new, long-term opportunities”.
Huang, who handed over the role of CEO last year, said he was making way for a new generation of leaders, and that Pinduoduo “will have its own growth journey regardless of whether I am nervous, excited, or frightened as its guardian.”
In a letter to shareholders, he commented: “It is about the right time to explore what’s next if we want the same quality and pace of growth in 10 years.”
“As the founder of this company, I am probably the most suitable person to take on this task by stepping out of the business and the comfort zone to embark on a journey of exploration.”
The company has appointed Chen Lei as its new Chair.
The announcement came as Pinduoduo overtook Alibaba by annual shopper count for the first time, with 788 million people buying on its platform in the past year, compared to 779 million for Alibaba.
Pinduoduo is aiming to become the world’s largest grocer. To achieve that target, it intends to invest in an agriculture focused logistics infrastructure platform over the next few years.
