Written by Mike Murphy
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 was appointed CEO of Alibaba Group (BABA) (Hong Kong: 9988) in September following the resignation of Mr. Daniel Chan. 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 soured their view of Alibaba, which has recently been overtaken by Pinduoduo and Tianmu parent company PDD (PDD) as China's most valuable e-commerce company. 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, while the S&P 500's SPX is up 24% this year.
-Mike Murphy
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12/19/23 2338ET
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