Temu-owner PDD Holdings has appointed its co-CEO Jiazhen Zhao as co-chairman of the board, expanding his leadership role at the Chinese e-commerce group. The board-level promotion of Zhao marks a fresh shift in the company’s governance structure as it continues to scale platforms including Temu and Pinduoduo.
Boardroom change: Zhao named co-chairman
PDD Holdings said that Jiazhen Zhao has been appointed as co-chairman of the board, formalizing his elevation in the company’s governance hierarchy and signaling a tighter alignment between executive management and board oversight. In its announcement, the group described the move as a change in its board leadership structure, indicating that Zhao will now help steer high-level strategic decisions in addition to his operational responsibilities across the business.
The company’s governance update, presented as “PDD Holdings Appoints Jiazhen Zhao as Co-Chairman”, underscored that his appointment is specifically to the role of co-chairman rather than a broader reshuffle of the entire board. A parallel disclosure titled “PDD Holdings appoints Jiazhen Zhao as co-chairman of board” reiterated that Zhao’s new title is anchored at the board level of PDD Holdings, a detail that matters for investors and regulators who track how decision-making power is distributed between directors and senior executives.
Zhao’s existing role as co-CEO
Reporting on the leadership change stressed that Jiazhen Zhao currently serves as co-CEO of PDD Holdings, and that his new board title comes in addition to this executive role rather than replacing it. By keeping Zhao in the co-CEO position while elevating him to co-chairman, the group is effectively consolidating influence in a single leader who already oversees day-to-day operations, a structure that can streamline strategy but also concentrates authority in a way that governance specialists will scrutinize.
The appointment was framed as a move in which Temu-owner PDD Holdings appoints co-CEO Zhao as co-chairman of the board, highlighting that the co-chairmanship is layered on top of his existing responsibilities. A market-focused update, headlined “PDD Holdings appoints co-CEO Zhao as co-chairman of board”, repeated that the same executive now holds both titles, a combination that can signal continuity and clear direction to shareholders who value stable leadership during periods of rapid expansion.
Implications for PDD Holdings and Temu
The appointment statement identified PDD Holdings as the owner of cross-border discount platform Temu, directly linking Zhao’s expanded authority to the group’s international e-commerce push. By placing a sitting co-CEO in the co-chairman role at the same time that Temu is scaling its presence in markets such as North America and Europe, the company is aligning its boardroom leadership with the operational team responsible for executing that global strategy, a move that can accelerate decision-making on investments, partnerships and risk management.
Investor-focused reporting on the move, presented under the title “PDD Holdings appoints Jiazhen Zhao as co-chairman”, framed the board change as a governance development that shareholders should watch closely. A parallel corporate disclosure, “PDD Holdings appoints Jiazhen Zhao as co-chairman of board”, positioned the decision within the company’s broader board and management evolution, signaling that the group is refining how it balances oversight and execution as Temu and Pinduoduo compete in a crowded global e-commerce landscape.
Governance structure and board dynamics
The decision to name Jiazhen Zhao co-chairman of the board while he remains co-CEO reflects a governance structure in which executive leadership and board leadership are closely intertwined. In corporate practice, combining senior management roles with board positions can enhance coordination on strategy, but it also raises questions about how independent directors will exercise oversight over executives who now share the same leadership tier, a tension that institutional investors often weigh when assessing long-term risk.
By explicitly stating that Zhao was appointed as co-chairman of the board of PDD Holdings, the company is clarifying that his new responsibilities sit at the apex of its governance framework rather than in an advisory or honorary capacity. That clarity matters for stakeholders who monitor board composition, including proxy advisers and governance analysts, because it defines who will chair or co-chair key discussions on capital allocation, international expansion and regulatory compliance as the group’s platforms grow.
Strategic context for Temu and Pinduoduo
The reporting that Temu-owner PDD Holdings appointed co-CEO Zhao as co-chairman of the board situates the leadership change within the company’s broader strategic context, in which Temu and Pinduoduo are central growth engines. As Temu continues to position itself as a cross-border discount platform targeting price-sensitive consumers, Zhao’s dual role gives him a direct hand in both setting the strategic agenda at the board level and executing it through the management team, a combination that can help the company respond quickly to competitive pressures from rivals such as Amazon and Shein.
Within China, Pinduoduo remains a core business for PDD Holdings, and the consolidation of leadership in Zhao suggests that the board wants a consistent vision across domestic and international operations. For merchants, logistics partners and advertising clients that rely on Pinduoduo’s marketplace, a co-chairman who is also co-CEO can provide a clearer signal about the company’s priorities, whether that is deepening engagement in lower-tier Chinese cities, investing in agricultural supply chains or channeling more resources into Temu’s overseas marketing campaigns.
Investor and market reaction
The market update that PDD Holdings appoints co-CEO Zhao as co-chairman of the board was aimed squarely at investors and traders who track shifts in corporate leadership as potential catalysts for share price moves. While the reporting did not specify an immediate market reaction, the very fact that the appointment was highlighted in a trading-focused context indicates that market participants view board-level changes at PDD Holdings as material to their assessment of the company’s valuation and risk profile.
For institutional investors, the consolidation of roles in Zhao may be interpreted as a sign of confidence in his leadership at a time when PDD Holdings is expanding Temu’s footprint and defending Pinduoduo’s market share. At the same time, governance-focused funds will likely examine how the co-chairman structure interacts with the rest of the board, including the presence and influence of independent directors, as they evaluate whether the company’s oversight mechanisms are robust enough to support sustained global growth.
