Alibaba to renew e-commerce business, appoint new chief financial officer | Coronavirus pandemic

The reorganization of the Chinese technology giant has intensified competition, slowed the economy and countered regulatory repression.

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

The changes, announced on Monday, come at a time when Alibaba is facing headwinds, including increased competition, a slowdown in the economy and regulatory repression.

Alibaba said it would create two new units to house major e-commerce businesses: international digital commerce and Chinese digital commerce, with the aim of streamlining and accelerating growth.

The International Digital Trade Unit will host Alibaba’s foreign consumers and wholesale businesses and will include AliExpress, Alibaba.com and Lazada. The unit will be Jiang Fan, who was president of Taobao and Tmall markets.

Alibaba will locate its domestic trade business in China’s digital commerce unit, said Trudy Dai, a founding member of Alibaba.

The company’s deputy chief financial officer, Toby Xu, will replace Maggie Wu as its chief financial officer from April; his appointment was described as part of the company’s leadership succession plan.

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

Wu will continue to serve as the Chief Executive Officer of Alibaba, which helped direct the public listing of the three companies associated with Alibaba.

Shares in Hong Kong of the e-commerce giant fell 8 percent in early morning trading, following Friday’s decline in the United States. Shares of US-listed Chinese companies fell as a result of concerns about tighter regulation at home. To remove Didi Global Inc from the New York Stock Exchange.

Last month, Alibaba slashed its forecast for annual revenue growth from its stock market launch in 2014 to its slowest pace, and sales at its banner event, the online shopping festival Singles Day, grew at an ever-slower pace. despite selling the record.