Sat. May 21st, 2022

The reorganization of the Chinese technology giant comes as it faces increased competition, slower economy and regulatory repression.

Alibaba Group Holding Ltd has said it is reorganizing its international and local e-commerce businesses and will appoint a new chief financial officer.

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

Alibaba said it would form two new units to house its main e-commerce businesses – international digital commerce and China digital commerce, in an effort to become more agile and accelerate growth.

The international digital commerce unit will house Alibaba’s overseas consumer-oriented and wholesale businesses and include AliExpress, and Lazada. The unit will be led by Jiang Fan, who was president of the Taobao and Tmall marketplaces.

Alibaba will house its domestic trading companies in the China digital trading unit, which will 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 its chief financial officer from April; his appointment was described as part of the company’s leadership succession plan.

Xu joined Alibaba at PWC three years ago and was appointed Deputy Chief Financial Officer in July 2019.

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

The e-commerce giant’s shares listed in Hong Kong fell 8 percent in early morning trading, tracking Friday’s declines in the United States. US-listed shares of Chinese companies have tumbled over concerns about stricter regulatory scrutiny at home in the wake of plans by Didi Global Inc to delist from New York Stock Exchange.

Last month, Alibaba lowered its forecast for annual revenue growth to its slowest pace since its 2014 stock market debut and sales at its banner event, online shopping festival Singles Day, grew at their slowest pace ever. despite record sales.

Source link

By admin

Leave a Reply

Your email address will not be published.