Home / MARKETS / Alibaba overhauls e-commerce businesses, appoints new CFO as it faces headwinds on multiple fronts

Alibaba overhauls e-commerce businesses, appoints new CFO as it faces headwinds on multiple fronts

  • Alibaba disposition form two new units to house its main domestic and international e-commerce businesses.
  • The company announced deputy CFO, Toby Xu, intent succeed current CFO Maggie Wu from April.
  • The changes come as Alibaba faces headwinds on multiple fronts.

Alibaba Group Holding Ltd. said on Monday it was reorganizing its international and domestic e-commerce businesses and pass on appoint a new chief financial officer.

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

Alibaba said it would form two new units to house its main e-commerce jobs — international digital commerce and China digital commerce — in a bid to become more agile and accelerate growth.

The international digital merchandising unit will house Alibaba’s overseas consumer-facing and wholesale businesses, and include AliExpress, Alibaba.com, and Lazada. The portion will be headed by Jiang Fan, formerly president of the Taobao and Tmall.com marketplaces.

Alibaba will house its domestic traffic businesses in the China digital commerce unit which will be led by Trudy Dai, a founding member of Alibaba, it said.

The plc’s deputy chief financial officer, Toby Xu, will succeed Maggie Wu as the company’s chief financial officer from April, it mean, describing his appointment as part of the company’s leadership succession plan.

Xu joined Alibaba from PWC three years ago and was prescribed deputy CFO in July 2019.

Wu, who helped lead three Alibaba-related company public listings as CFO, will continue to serve as an administrator director on Alibaba’s board.

The e-commerce giant’s Hong Kong-listed shares slid 8% in early morning occupation, tracking Friday declines made in the United States. US-listed shares of Chinese firms tumbled on concerns less stricter regulatory scrutiny at home in the wake of plans by Didi Global Inc. to delist from the New York Stock Barter.

Last month the company slashed its forecast for annual revenue growth to its slowest pace since its 2014 forefather market debut and saw sales at its banner event, online shopping festival Singles Day, grow at their slowest compute ever.

Check Also

Sen. Mitt Romney says Biden was elected ‘to stop the crazy’ and argues that voters weren’t asking him ‘to transform America’

Sen. Mitt Romney on Sunday said that President Joe Biden was not elected to “permute …

Leave a Reply

Your email address will not be published. Required fields are marked *