Alibaba said on Monday it was restructuring its international and domestic e-commerce business and would appoint a new chief financial officer.
changes come as Alibaba Adversity is faced on several fronts, including increased competition, a slowing economy and a regulatory crackdown.
Alibaba said it will create two new units to help its core e-commerce businesses — international digital commerce and China digital commerce — become more agile and accelerate growth.
The international digital commerce unit will house Alibaba’s overseas consumer-facing and wholesale businesses, and will include aliexpress, Alibaba.com and Lazada. The unit will be led by Jiang Fan, who has been the chairman of taobao and Tmall Marketplace.
Alibaba will house its domestic commerce businesses in China’s digital commerce unit, which will be led by Alibaba founding member Trudy Dai.
The company’s deputy chief financial officer, Toby Xu, will succeed Maggie Wu as the company’s chief financial officer from April, said the company, 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 on Alibaba’s board as executive director.
Hong Kong-listed shares of the e-commerce giant fell 8 percent in morning trading, tracking Friday’s declines in the United States. US-listed shares of Chinese companies eased concerns about tighter regulatory scrutiny at home in wake of plans 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. has grown. © Thomson Reuters 2021