Alibaba CEO Eddie Wu to lead Taobao and Tmall e-commerce business in latest reshuffle
Publishing timestamp: 2023-12-19 23:11:33
Summary
Alibaba Group CEO Eddie Wu is taking over the top role at the company's Taobao and Tmall e-commerce business, replacing Trudy Dai. Dai, one of the co-founders of Alibaba, will assist in establishing an asset management company. This management shakeup comes after Wu replaced Daniel Zhang as the group's CEO in September. The e-commerce business has faced challenges with rising competitors and sluggish consumption growth in China. Alibaba's shares have fallen while PDD's shares have gained. The recent decline in Alibaba shares was also influenced by the news that the company had scrapped plans to list its cloud business due to U.S. restrictions on exports of advanced chips to China. Wu's leadership will focus on cloud computing and e-commerce, and the company plans to empower new management leaders. Dai's new role in the asset management company will allow her to play to her strengths. Alibaba also plans to monetize its non-core assets, but no details were provided in the letter.
Sentiment: NEUTRAL
Tickers: BABA,
Keywords: breaking news: asia, business news, markets, alibaba group holding ltd, stock markets, market insider, breaking news: technology,
Source: https://www.cnbc.com/2023/12/20/alibaba-ceo-eddie-wu-to-lead-e-commerce-business.html