Alibaba Reorganizes Ecommerce Business, Appoints New CFO – .

0
10
Alibaba Reorganizes Ecommerce Business, Appoints New CFO – .


December 6 (Reuters) – Alibaba Group Holding Ltd (9988.HK) on Monday announced that it is reorganizing its international and domestic e-commerce operations and will appoint a new chief financial officer.

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

Alibaba announced that it will form two new units to house its core e-commerce businesses – international digital commerce and digital commerce in China, with the aim of becoming more agile and accelerating growth.

Register now for FREE and unlimited access to reuters.com

The international digital commerce unit will house Alibaba’s overseas wholesale and consumer businesses, and will include AliExpress, Alibaba.com and Lazada. The unit will be headed by Jiang Fan, who served as chairman of Taobao and Tmall markets.

Alibaba will host its domestic commerce activities in the digital commerce unit in China which will be headed by Trudy Dai, founding member of Alibaba, he said.

The company’s deputy chief financial officer, Toby Xu, will succeed Maggie Wu as the company’s chief financial officer from April, he said, describing his appointment as part of the succession plan to the company. management of the company.

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

Wu, who has helped lead three public listings of Alibaba-related companies as CFO, will continue to serve as executive director on Alibaba’s board of directors.

Hong Kong-listed shares of the e-commerce giant fell 8% in early morning trading, following Friday’s declines in the United States. U.S.-listed shares of Chinese companies fell amid concerns over tighter regulatory oversight in the country following plans by Didi Global Inc (DIDI.N) to exit the New York Stock Exchange. Read more

Last month, the company slashed its forecast for annual revenue growth to its slowest pace since its stock market debut in 2014 and saw sales of its flagship event, the Singles Day online shopping festival, grow at their lowest rate. slowest pace ever. Read more

Register now for FREE and unlimited access to reuters.com

Register

Reporting by Akriti Sharma in Bengaluru and Brenda Goh in Shanghai; Editing by Edwina Gibbs

Our Standards: Thomson Reuters Trust Principles.

LEAVE A REPLY

Please enter your comment!
Please enter your name here