BEIJING/SHANGHAI - China’s Alibaba Group Holding Ltd on Tuesday unveiled its most significant business reshuffle since co-founder Jack Ma announced his pending retirement, as the e-commerce firm looks to bolster its investment focus in the face of slowing growth.
Chief Financial Officer Maggie Wu will oversee Alibaba’s strategic investments unit, taking over that responsibility from Executive Vice-Chairman Joe Tsai who will support Wu in her expanded role, the firm said on its official WeChat account. Reuters reported last month that the firm is considering raising as much as $20 billion through a listing in Hong Kong to boost funds available for investment.
Duncan Clark, author of “Alibaba: The House that Jack Built,” said Ma’s pending resignation made it natural for observers to question Tsai’s future at the company.
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