BusinessPostCorner.com
No Result
View All Result
Thursday, July 3, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

Alibaba chief takes direct control of under-pressure Chinese ecommerce business

December 20, 2023
in Finance
Reading Time: 3 mins read
A A
0
Alibaba chief takes direct control of under-pressure Chinese ecommerce business
ShareShareShareShareShare

Stay informed with free updates

Simply sign up to the Chinese business & finance myFT Digest — delivered directly to your inbox.

Alibaba chief Eddie Wu has strengthened his grip on the sprawling tech conglomerate, reshuffling management once again to take direct charge of its core ecommerce business as it loses market share to rivals PDD Holdings and ByteDance.

At the end of a year of restructuring, executive changes and strategy reversals, Wu is now chief executive of Alibaba’s ecommerce unit, as well as chief of its cloud division and group CEO, roles he only assumed in September.

Wu had unexpectedly taken leadership of the cloud business, overturning a succession plan through which departing group chief executive Daniel Zhang was to head up the unit. The Financial Times reported in November that Wu had pushed him out.

On Wednesday, the group announced Wu was replacing longstanding executive Trudy Dai as chief executive of the Taobao and Tmall ecommerce platforms. Together, the platforms provide the country’s largest online shopping services, but they have been steadily losing market share to Temu and Pinduoduo owner PDD Holdings, and ByteDance’s Douyin, the Chinese version of TikTok.

Dai is being moved to help form a new asset management company, according to the group. Alibaba has previously said that it would invest in a new $1bn tech fund founded by Zhang.

Group chair Joseph Tsai, who took over the role from Zhang in September, said on Wednesday that “a new era requires a new strategic and organisational change”. He added: “I believe Alibaba will complete its transformation after undergoing this round of changes.”

Recommended

In March, Alibaba announced it was splitting into six business units, with some targeting separate initial public offerings, in a bid to “unleash shareholder value” as China emerged from zero-Covid era restrictions. Alibaba’s shares have sunk by around 75 per cent since its peak three years ago, just before Beijing intervened to cancel the US listing of affiliate Ant Financial.

Alibaba’s restructuring plan was initially met with investor enthusiasm, which faded with growing pessimism about China’s economic recovery. Last month, Alibaba ditched plans to separate its cloud business, citing new US restrictions on crucial semiconductors. It also put the IPO of its supermarket business on hold. 

During his first investor call as chief executive in November, Wu pitched the cloud business as the group’s future growth driver, pledging to invest in artificial intelligence to bolster its core ecommerce business.

Alibaba’s share price rose as much as 4.3 per cent in Hong Kong on Wednesday following news of the management changes. Once Asia’s most valuable company, Alibaba was overtaken in market capitalisation by its rival PDD this month.

Credit: Source link

ShareTweetSendPinShare
Previous Post

In the blogs: Manual AI

Next Post

End of an era for electronics giant Toshiba

Next Post
End of an era for electronics giant Toshiba

End of an era for electronics giant Toshiba

Donald Trump says he will only pick Fed chair who cuts interest rates

Donald Trump says he will only pick Fed chair who cuts interest rates

June 27, 2025
Shadow Fed chair could spark ‘revolt’ against Powell’s successor

Shadow Fed chair could spark ‘revolt’ against Powell’s successor

June 28, 2025
Tax Fraud Blotter: Boundless energy

Tax Fraud Blotter: Boundless energy

June 26, 2025
US multinationals on track for minimum tax reprieve after G7 deal

US multinationals on track for minimum tax reprieve after G7 deal

June 28, 2025
Government wins welfare bill vote after making big concessions to rebels

Government wins welfare bill vote after making big concessions to rebels

July 1, 2025
Canada scraps tech tax to advance trade talks with Donald Trump

Canada scraps tech tax to advance trade talks with Donald Trump

June 30, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Bitcoin Price Prediction – Billions in Retirement Funds Could Pour Into BTC as Pension Firms Rush to Add Exposure

Bitcoin Price Prediction – Billions in Retirement Funds Could Pour Into BTC as Pension Firms Rush to Add Exposure

July 3, 2025
US economy surpasses expectations to add 147,000 jobs

US economy surpasses expectations to add 147,000 jobs

July 3, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!