Alibaba overhauls e-commerce businesses, appoints new CFO - Reuters

The logo of Alibaba Group is lit up at its office building in Beijing, China August 9, 2021. REUTERS/Tingshu Wang

Register now for FREE unlimited access to reuters.com

Dec 6 (Reuters) - Alibaba Group Holding Ltd (9988.HK) 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.

Register now for FREE unlimited access to reuters.com

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% in early morning trade, tracking Friday declines made in the United States. U.S.-listed shares of Chinese firms tumbled on concerns about stricter regulatory scrutiny at home in the wake of plans by Didi Global Inc (DIDI.N) to delist from the New York Stock Exchange. read more

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. read more

Register now for FREE unlimited access to reuters.com

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

Our Standards: The Thomson Reuters Trust Principles.

Adblock test (Why?)

Business - Latest - Google News
December 06, 2021 at 09:29AM
https://ift.tt/31sHLgt

Alibaba overhauls e-commerce businesses, appoints new CFO - Reuters
Business - Latest - Google News
https://ift.tt/2Rx7A4Y


Bagikan Berita Ini