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China: Pinduoduo Founder Colin Zheng Huang steps down as CEO and sells shares

Online Discount Retailer Pinduoduo's CEO and co-founder is stepping down and sells a part of his billion dollar stake.

Alibaba pursuer Pinduoduo Inc. (Nasdaq: PDD) announced today that Colin Zheng Huang, founder of the high-flying Chinese online shopping company, is stepping down as CEO.

He will also reduce his stake in the company by a total of around $ 14.3B. Huang remains chairman of the board of directors of the Chinese e-commerce platform.

Huang's successor as Pinduoduo's Chief Executive Officer (CEO) is now Lei Chen, also a founding member and Chief Technology Officer (CTO) in the company since 2016.

"I will step back from the day-to-day management of the company and work with the relevant teams and the board on our long-term strategy and corporate structure," Huang said in a statement.

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