Alibaba to break up business into six units, seek IPOs | CNN Business

Five of the business units will explore fundraising or initial public offerings, the company said Tuesday. The six units are Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group, it said in a statement. Each will be managed by its own CEO and board of directors.

Each business group, he said, had to actively tackle the rapid changes in the market and each Alibaba employee had to “return to the mindset of an entrepreneur.” He also said that the company would “lighten and thin” its middle and back office functions, but did not detail job cuts. News of the restructuring comes one day after Alibaba founder Jack Ma was spotted at a primary school in Hangzhou, marking his first public appearance in mainland China in over a year.

This a great move and will hopefully set an example for Amazon, Facebook, Microsoft, Google and co. It is time that these companies break themselves or face monopolistic oversight.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US air travel is 'overwhelmed' and that's putting off some flyers, industry group says | CNNThe spring break travel rush is fully underway and close to 160 million people are expected to fly in the US this March and April. However, experts say that bad flying experiences from the past year are still holding some travelers back. I'm willing to show 10 lucky people on how to earn 0.53 BITCOIN ($15,000)and more daily. No withdrawal fee You don't get to send funds to anyone Interested please PM Personally, I’m being held back by the ropes imprisoning me in this basement, but it’s really shitty that people are experiencing delays Airlines should really stop sucking so much
Source: CNN - 🏆 4. / 95 Read more »

Alibaba to overhaul into six units while retaining stock-market listings: reportAlibaba will overhaul its operations, the South China Morning Post reported, citing a letter to employees. The company will reorganize into six independently...
Source: MarketWatch - 🏆 3. / 97 Read more »