Temu-owner PDD Holdings appoints co-CEO Zhao as co-chairman of board
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The logo of Temu, an e-commerce platform owned by PDD Holdings, is seen on a mobile phone displayed in front of its website, in this illustration picture taken April 26, 2023. REUTERS/Florence Lo/Illustration
Dec 19 (Reuters) - PDD Holdings on Friday appointed co-chief executive officer Jiazhen Zhao as co-chairman of the Temu owner's board, joining the company's other chief executive Lei Chen.
U.S.-listed shares of the Chinese e-commerce company were up over 6% in premarket trading.
A founding member of the company and a key figure behind the Duo Duo Grocery business, Zhao was appointed as director and co-CEO of PDD in April 2023 after having held several top roles at the firm.
PDD also appointed Mi Wang as senior vice president of engineering and Jiong Li as financial director.
The top-level executive changes come as Chinese e-commerce majors such as PDD and Alibaba cut prices and run promotional offers to woo customers in a period of subdued spending.
(Reporting by Zaheer Kachwala in Bengaluru; Editing by Sahal Muhammed)
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