On Tuesday, PDD Holdings (owners of Pinduoduo and Temu) announced that Zhao Jiazhen will serve as the executive director and co-CEO. Zhao will partner with the current CEO Chen Lei. The two will focus on different parts of the business, with Zhao focusing more on the China business and Chen focusing more on the global business. As a co-founder of Pinduoduo, Zhao has served as the senior vice president of Pinduoduo since 2018. He oversaw Pinduoduo’s agricultural categories and the supply chain of agricultural products. Zhao also led the team to create the Duoduo grocery shopping business. [Caixin, in Chinese]