Alibaba overhauls e-commerce business and appoints new CFO

File Photo: Alibaba Group logo is lit up in an office building in Beijing, China on August 9, 2021. REUTERS / Tingshu Wang

December 6, 2021

(Reuters)-Alibaba Group Holding Ltd announced on Monday that it will reorganize its international and domestic e-commerce businesses and appoint a new chief financial officer.

Changes occur when Alibaba faces headwinds in many ways, including intensifying competition, economic slowdowns, and regulatory crackdowns.

E-commerce giant Hong Kong-listed stocks fell 8% in early morning trading.

Alibaba said it will form two new units to house the major e-commerce businesses, International Digital Commerce and China Digital Commerce, in order to be more agile and accelerate growth.

The International Digital Commerce Unit houses Alibaba’s international consumer and wholesale businesses, including AliExpress, and Lazada. The unit is headed by Jiang Fan, whose past roles include the presidents of Taobao and Tmall Marketplace.

Alibaba said it plans to house its domestic commerce business in a Chinese digital commerce unit led by Alibaba’s founding member Trudy Dai.

The company’s Deputy Chief Financial Officer, Toby Xu, plans to take over Maggie Wu as Chief Financial Officer from April and described 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 listed companies as CFO, will continue to serve as Executive Director of Alibaba’s Board of Directors.

The company lowered its annual revenue growth forecast to the slowest pace since its debut in the stock market last month, with banner event Online Shopping Festival Singles Day sales growing at the slowest pace ever. Did.

(Report by Akriti Sharma in Bangalore and Brenda Goh in Shanghai, edited by Edwina Gibbs)

Alibaba overhauls e-commerce business and appoints new CFO

Source link Alibaba overhauls e-commerce business and appoints new CFO

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