JD to lay off 10 percent of senior executives

Chinese e-commerce giant JD will lay off 10 percent of its senior executives above vice-president level this year, as the company looks to maximize its resources, as well as enhance its corporate governance.

According to media reports, the cuts were announced at the company's annual party last week. JD has confirmed the planned layoffs.

The Beijing-based tech behemoth now has 180,000 employees and the number of chiefs above the VP level is estimated to be in a range of tens to 100.