Alibaba Overhauls E-Commerce Businesses, Appoints New Chief Financial Officer

Alibaba said it would form two new units to house its main e-commerce businesses.

Alibaba Overhauls E-Commerce Businesses, Appoints New Chief Financial Officer

Alibaba's Hong Kong-listed shares slid 8 percent in early morning trade

Highlights
  • Domestic commerce business will be housed in China digital commerce unit
  • The unit will be led by Trudy Dai, a founding member of Alibaba
  • Toby Xu will succeed Maggie Wu as the company's CFO from April

Alibaba said on Monday it was reorganising its international and domestic e-commerce businesses and would appoint a new chief financial officer.

The changes come as Alibaba faces headwinds on multiple fronts, including increased competition, a slowing economy, and a regulatory crackdown.

Alibaba said it would form two new units to house its main e-commerce businesses - international digital commerce and China digital commerce, in a bid to become more agile and accelerate growth.

The international digital commerce unit will house Alibaba's overseas consumer-facing and wholesale businesses, and include AliExpress, Alibaba.com, and Lazada. The unit will be headed by Jiang Fan, whose had been president of the Taobao and Tmall marketplaces.

Alibaba will house its domestic commerce businesses in the China digital commerce unit which be led by Trudy Dai, a founding member of Alibaba, it said.

The company's deputy chief financial officer, Toby Xu, will succeed Maggie Wu as the company's chief financial officer from April, it said, describing his appointment as part of the company's leadership succession plan.

Xu joined Alibaba from PWC three years ago and was appointed deputy CFO in July 2019.

Wu, who helped lead three Alibaba-related company public listings as CFO, will continue to serve as an executive director on Alibaba's board.

The e-commerce giant's Hong Kong-listed shares slid 8 percent in early morning trade, tracking Friday declines made in the United States. US -listed shares of Chinese firms tumbled on concerns about stricter regulatory scrutiny at home in the wake of plans by Didi Global to delist from the New York Stock Exchange.

Last month the company slashed its forecast for annual revenue growth to its slowest pace since its 2014 stock market debut and saw sales at its banner event, online shopping festival Singles Day, grow at their slowest rate ever. © Thomson Reuters 2021


Will Snapdragon's new 2022 chips make it more prominent as a brand? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Further reading: Alibaba
PS5 India December 6 Restock: How to Pre-Order PlayStation 5 and PS5 Digital Edition
Share on Facebook Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2022. All rights reserved.