Last updated: December 19, 2023 at 11:38 PM ET
First Published: December 19, 2023 at 11:01 PM ET
Eddie Wu, co-founder and CEO of Alibaba Group Holding, will take over the role of head of the Chinese internet giant's core e-commerce group.
Mr. Wu will immediately become CEO of Alibaba's domestic e-commerce arm Taobao and Tmall Group, the company announced in a statement Tuesday night.
Trudy, former CEO of Taobao and Tmall…
Eddie Wu, co-founder and CEO of Alibaba Group Holding, will take over the role of head of the Chinese internet giant's core e-commerce group.
Mr. Wu will immediately become CEO of Alibaba's domestic e-commerce arm Taobao and Tmall Group, the company announced in a statement Tuesday night.
Trudy Dai, former CEO of Taobao and Tmall, will take on a new internal role helping set up an asset management company.
Mr. Wu appointed as CEO of Alibaba Group
Baba
9988
In September, after Daniel Chan resigned. Mr. Wu is also the head of Alibaba's cloud and AI division.
Alibaba Group Chairman Joe said, “Eddie's leadership of both Alibaba Cloud and TTG will ensure our company's full focus on our two core businesses of cloud computing and e-commerce, and significant and continued investment. “This will enable TTG to transform through technological innovation.” Tsai said in an email to staff.
Analysts have been giving Alibaba a bad reputation recently, as it has been overtaken by Pinduoduo and Temu's parent company, PDD.
P.D.D.
As the most valuable e-commerce company in China. Earlier this year, Alibaba announced a major overhaul that would reorganize it into six business units in an effort “aimed at unlocking shareholder value.”
Alibaba's U.S.-listed shares are down about 14% since the beginning of the year compared to the S&P 500's SPX.
It's up 24% this year.
