Alibaba restructures to tackle e-commerce challenges Set up two “International Digital Commerce” teams, separating into domestic and international marketing.
Alibaba restructures to tackle e-commerce challenges Set up two “International Digital Commerce” teams, separating into domestic and international marketing.
Alibaba Group Holding Ltd replaces its long-time Chief Financial Officer (CFO) and restructures the position of chief executive overseeing e-commerce businesses. It is the most notable change in management structure since the Chinese company has survived scrutiny for monopoly allegations by the government.
Toby Sue will replace Maggie. Wu” as the company’s CFO since April 1 next year onwards Wu will continue to serve on Alibaba’s board of directors.
In addition, Alibaba has set up a digital team. two teams commerce Divided into teams that focus on overseas markets, led by “Jiang Fan” and a team that focuses on the domestic market, led by “True Dee Tai”
However, the Hong Kong e-commerce giant’s share price fell 8.3 percent in morning trading. It continued its decline on Friday (Dec 3) on the New York Stock Exchange, with shares of US-listed Chinese companies tumbling on concerns about the Chinese government’s tightening of regulations after the hit. Hit Global, Inc. plans to delist from the New York Stock Exchange.
Diti Global, Inc., a Chinese shuttle service company. It was revealed on Dec. 3 that the company will withdraw from its listing on the New York Stock Exchange. and prepare to list the shares on the Hong Kong Stock Exchange
The statement came as China, under President Xi Jinping, continued to take measures to prevent information leaks to the United States. Due to economic and security tensions between China and the United States, There were almost no signs of easing.
Titi Global was listed on the New York Stock Exchange in June, but Bloomberg News reported in November that Chinese tech regulators have called on Dity Global to withdraw from the U.S. public listing. Because the Chinese government is concerned about security issues. including leaks of sensitive information
this movement reflect that China continues to control the technology industry On Aug. 20 this year, the Chinese parliament passed a Personal Information Protection Law (PIPL) to impose tougher regulations on companies that collect and handle personal information of people. use which the passing of this PIPL law It may affect the way Chinese tech companies operate.
Last month, Alibaba cut its annual revenue growth forecast to its lowest level since its stock market debut in 2014. the lowest growth as well
Alibaba, headquartered in Hangzhou, has undergone a major restructuring. After last November, the State Administration of Market Regulation (SAMR) of China. Fines tech giants Alibaba, Tencent and Baidu, among others. for violating antitrust laws
SAMR Reveals a list of 43 companies violating the law. Some companies are guilty of offenses dating back to 2012 and have to pay fines of 500,000 yuan per company.
Market regulators have led a campaign against Chinese tech giants, saying all the names announced were a small proportion compared to the tax sanctions imposed at the start of the year, including directing. Let Alibaba pay a fine of 18.2 billion yuan.
To meet the increasing challenges, CEO Daniel Zhang decided to transfer powers to executives of certain business units to enable them to operate more agilely and efficiently. more efficiency
“We are focused on long-term business operations and every management restructuring of our team is undertaken to ensure that Alibaba will be a stronger company and better positioned for the future. said Zhang.
Wu has been with Alibaba for nearly 15 years and has played a key role in bringing the company listed on the New York and Hong Kong Stock Exchanges. Her replacement has caught the eye as Wu is one of the most famous Chinese female executives in the Internet industry.
Su joined Alibaba three years ago from PricewaterhouseCooper LLP, with which he is a partner. and was appointed as CFO in July 2019
“Market ups and downs are normal but Alibaba has ambitious long-term goals. We have to compete with other companies and need a new generation of talent to run the business forward,” Wu said.
Alibaba states on its website that The “International Digital Commerce” division will oversee the logistics services business Ali Express, Alibaba.com and Lazada e-commerce platform in Southeast Asia.
Jiang, who will be responsible for Alibaba’s 285 million overseas customer base, is growing. Joined Alibaba in 2013, managing Taobao and Tmall. The company’s main e-commerce platform in China.
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