Chinese e-commerce giant JD announced on Thursday that Xu Ran, the chief financial officer of JD, has been appointed as chief executive officer of the company to succeed Xu Lei.

Xu Lei will retire from his current position due to personal reasons. He has been with JD for over a decade in various senior roles and made significant contributions to the company, JD said in a statement.

After his retirement, Xu will serve as first chairman of JD's advisory council and continue to participate in the company's management and projects covering strategy, organization and business.

Xu Ran has served as CFO of JD since June 2020. She joined the company in July 2018 and oversaw group finance, accounting and tax functions in addition to serving as CFO of JD Retail from July 2018 to May 2020.

Liu Qiangdong, chairman of JD, said: "Going forward, I will continue to devote my time to JD's long-term strategies, mentorship of younger management and revitalization of rural areas, and Sandy (Xu Ran) will lead the management team and oversee our daily operations."

The company's net revenues during the first quarter of this year stood at 243.0 billion yuan ($35.4 billion), an increase of 1.4 percent year-on-year.

Its net income attributable to ordinary shareholders for the quarter ending March 31 came in at 6.3 billion yuan compared to a net loss of 3.0 billion yuan for the same period last year. Non-GAAP net income attributable to ordinary shareholders during this period was 7.6 billion yuan, up 88.3 percent year-on-year.