Alibaba Group Holding Ltd. is re-organizing its international and domestic e-commerce businesses and appointing a new CFO.
Alibaba said it will form two new units, one for its international and another for its China business, to house its main e-commerce businesses.
Alibaba reorganized e-commerce businesses and appoints a new CFO
Alibaba’s international digital commerce unit will house Alibaba’s overseas consumer-facing and wholesale businesses. The unit includes AliExpress, Alibaba.com, and Lazada. The unit will be led by Jiang Fan, who formerly was president of Taobao and Tmall.com marketplaces.
Alibaba will house its domestic commerce businesses in the China Digital Commerce Unit which will be led by Trudy Dai, a founding member of Alibaba.
This is part of Amazon’s leadership succession plan. The company’s deputy CFO Toby Xu will replace Maggie Wu as the company’s chief financial officer.
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 as an executive director on Alibaba’s board.
Hong Kong-listed shares of Amazon slid as much as 8% in early morning trade, tracking declines made in the US. US-listed shares of Chinese firms tumbled on concerns about tougher regulatory scrutiny at home in the wake of a plan by Didi Global Inc. to delist from the New York Stock Exchange.
Last month the company announced that it was slashing 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.