 |
| Alibaba undergoes major administrative reform |
Alibaba announced the reorganization of its international and domestic e-commerce operations and the replacement of its chief financial officer, one of the largest reorganizations in recent history.
These changes come as the tech giant grapples with the economic downturn and regulatory pressures.
Maggie Wu, the former chief financial officer of the e-commerce giant, will step down in April and will be replaced by current Deputy Chief Financial Officer Toby Chu.
Wu continues to hold a position in the Alibaba Partnership, an exclusive group of people who play an integral role in leading the development direction of the company. She still holds the position of Executive Director of the Board of Directors of Alibaba.
Alibaba is one of the Chinese companies listed in the United States and is aiming for a secondary listing in Hong Kong as tensions rise between the United States and China.
The company was founded in 1999. In 2015, Jack Ma transferred the CEO position to Zhang Yong and appointed him president in 2019. The company has gone through a comprehensive reorganization process.
"The announcement of the move came as a result of extensive preparations over the years and is also part of the company's succession plan," Wu said in a statement.
She added, "The market always has ups and downs. But Alibaba has ambitious long-term goals. We are competing and we need a new generation of talent to drive the business forward."
Shaw joined the company three years ago from PricewaterhouseCoopers. Last year, he made his debut as Assistant CFO at the company's Investor Day.
He oversaw several major corporate transactions. Including an extensive e-commerce partnership with Starbucks in China.
In addition to the successor to the CFO, Zhang Yong said in an insider's report that Alibaba also announced a major reorganization to support its two-pronged strategy for domestic and international e-commerce.
Alibaba was founded in 1999
Jiang Fan heads the new international digital business. Fan has been the company's major sales driver in the consumer market in China for many years.
This international division includes Lazada, which is headquartered in Southeast Asia, which was acquired by Alibaba in 2016. Alibaba also acquired a majority stake in Turkey's Trendyol and acquired its South Asian counterpart Daraz.
"We will continue to focus on our goal of becoming a global company," Zhang wrote in the letter. We believe that overseas markets provide us with many exciting acquisition opportunities and opportunities.
Under Trudy Day's leadership, domestic consumers and wholesale markets are also merging into a new Chinese digital shopping service.
Dai hosted low-income bazaars in Chinese Taobao specialties and community grocery services in Taocaicai.