Alibaba overhauls e-commerce businesses, appoints new chief financial officer

FILE PHOTO: The logo of Alibaba Group is lit at an office building in Beijing, China August 9, 2021. REUTERS / Tingshu Wang

December 6, 2021

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

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

The e-commerce giant’s Hong Kong-listed shares fell 8% in early morning trading.

Alibaba said it will create two new units to house its main e-commerce businesses – international digital commerce and digital commerce China, in an effort to become more agile and push fast growth rate.

The international digital commerce unit will be home to Alibaba’s overseas wholesale and consumer businesses, including AliExpress, Alibaba.com and Lazada. The unit will be headed by Jiang Fan, whose previous roles include president of Taobao and Tmall markets.

Alibaba will place its domestic commerce businesses in a China digital commerce unit led by Trudy Dai, a founding member of Alibaba.

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 a leadership succession plan. of the company.

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

Wu, who has helped lead three publicly listed Alibaba-related companies as CFO, will continue to serve as chief executive officer on Alibaba’s board.

Last month, the company downgraded its annual revenue growth forecast to its lowest since its stock market debut in 2014 and saw sales at its banner event, online shopping festival, and more. Singles’ Day route, growing at its slowest rate ever.

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