Shanghai — Alibaba Group Holding said it will reorganise its international and domestic e-commerce businesses and replace its CFO — changes that come as the tech giant grapples with an onslaught of competition, a slowing economy and a regulatory crackdown.
It will be headed by Jiang Fan, who had been in charge of its main Chinese retail marketplaces. The change is seen in line with Alibaba’s aim to make “globalisation” a key focus area in addition to cloud computing and domestic consumer spending. The new structure for domestic e-commerce puts Dai in charge of all China retail marketplaces, including Taocaicai — its community e-commerce service, Taobao Deals as well as Lingshoutong, a retail management platform for mom and pop stores, said 86research.com analyst Xiaoyan Wang.
The e-commerce giant’s Hong Kong-listed shares slid 6% in early morning trade, tracking Friday declines made in the US.
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