Alibaba directs e-commerce businesses, appointing new CFO Writer Reuters

(Reuters) -Alibaba Group Holding Ltd said on Monday it was reorganizing its global and home-based business and electing a new chief financial officer.

Changes come as Alibaba (NYSE 🙂 faces cyclone in a number of areas, including increased competition, economic stagnation and lawlessness.

Shares of the e-commerce giant in Hong Kong dropped by 8% on morning sales.

Alibaba said it would launch two new initiatives to establish its major e-commerce businesses – the global digital business and the Chinese business, with the goal of becoming stronger and more prosperous.

The global digital trading platform will feature Alibaba businesses looking for buyers and sellers, including AliExpress, Alibaba.com and Lazada. The session will be led by Jiang Fan, whose previous positions include President of Taobao and Tmall markets.

Alibaba will have its Chinese trading business led by Trudy Dai, a founding member of Alibaba, it said.

The company’s deputy chief financial officer, Toby Xu, replaces Maggie Wu as chief financial officer since April, announcing her appointment as part of the company’s replacement plans.

Xu joined Alibaba from PWC three years ago and was elected as the second CFO in July 2019.

Wu, who helped lead the three Alibaba-related companies as a CFO, will continue to be the executive director on the Alibaba board.

Last month the company reduced its forecast for annual revenue growth to a gradual decline since it launched the market in 2014 and saw commercials at its event, the online festival Singles Day, grow more slowly than ever before.