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
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