Alibaba’s chief financial officer should step down from his role of restructuring the company

Alibaba chief economist Maggie Wu has resigned as Chinese corporate giant shakes its corporation to reverse its growth and halt its inflation for five years.

An ecommerce group founded by Jack Ma more than two decades ago she has been under stress since Ma criticized Chinese authorities for speaking in Shanghai last year which led to the suspension of Ant Group’s blockbuster public offering company.

Alibaba US shares have dropped by 64 percent since the IPO collapsed, and the group paid a record $ 2.8bn due to antitrust violence this year. Investigators say it did not go well in Beijing’s campaign to regulate the technology industry.

“This year, Alibaba boosted its acquisition while competitors like Tencent spent a lot of money to meet the government’s goals,” said Berninin’s Robin Zhu, referring to Beijing’s policies. promoting the redistribution of wealth.

“Vendors have been discussing response in such management [Wu’s departure] it is not surprising at all, “added Zhu, realizing that he had led the company for many years.

Deputy Chief Financial Officer Toby Xu, who joined Alibaba from accounting firm PwC three years ago, has taken over the post from Wu in April.

He died last month circumcised its size based on China slowing economic growth and rising competition from competitors.

The ecommerce company, the largest Chinese company listed in the US, has faced some challenges after board leader Didi Chuxing announced Friday. delist from the New York Stock Exchange just five months after its IPO.

Didi’s removal plan has raised concerns about the future of some Chinese companies listed overseas. China’s security chief said Sunday was not forcing companies to leave the U.S. exchange, adding that it was working with Washington to resolve the issue of obtaining audit papers that could result. all Chinese groups are being expelled Wall Street within three years.

Alibaba CEO Daniel Zhang on Monday outlined some of the changes that will include global business under the leadership of 36-year-old Jiang Fan, while co-founder Trudy Dai will take over his home business.

Jiang assisted in Taobao’s compulsion to join hands and was seen as a rival to take over the entire group until human insults became a threat. the problem of public relations to Alibaba last year.

Wu, who oversaw Alibaba ‘s books through three people’s books, was known for his secretive behavior in small phone competitions and for himself. a firm hand in the company.

“Maggie stays calm and steady, regardless of the ups and downs of global markets and large venues,” Zhang said.

“She is a very humble and unassuming person, and she has been my constant companion and best friend for many years,” he added. Wu will remain in Alibaba as a friend and director.

Wu called for his resignation from his job “the end of a major strategic plan for many years” as well as a step towards encouraging a new generation of industry leaders.

“Markets always have challenges, but Alibaba has long-term goals,” he said.