With the new year comes new winds to the Chinese eCommerce giant: it has announced a change in its directory: Effective April 1, 2022, Maggie Wi will step down to be replaced by Toby Xu, the new CFO of .
Alibaba appoints new CFO
Toby Xu, Alibaba’s new CFO, joined the Chinese eCommerce giant in July 2018, and was appointed deputy CFO of the company a year later.
«We are focused on the long term, and succession within our management team is always in the service of ensuring Alibaba is stronger and better positioned for the future.”assured , president and CEO of Alibaba Group.
As for Maggie Wu, “Since joining Alibaba nearly 15 years ago, Maggie has helped lead, as CFO, three successful stock market debuts: Alibaba.com on the Hong Kong Stock Exchange in 2007, and Alibaba Group Holding on the New York Stock Exchange. in 2014 and on the Hong Kong Stock Exchange in 2019”, Zhang assured.
“The announcement of the change of Alibaba’s CFO is the culmination of many years of preparation and a part of Alibaba’s leadership succession planning,” he pointed “We are in a relay race and we must rely on new generations of talent to take the company forward.”
Other managerial changes at Alibaba
This move aligns with Alibaba’s approach of make globalization a central principleas well as cloud computing. Alibaba is dividing its eCommerce business into two divisions: international digital trade and China digital trade.
Jiang Fan will lead the international digital commerce unit that includes , aimed especially at retail consumers in Europe and South America, Lazada and Alibaba.com, which they focus on global business customers.
On the other hand, and Alibaba’s core marketplaces, will include the eCommerce division in China, which will be headed by Trudy Dai, who has experience leading other Alibaba platforms. Dai will also run Alibaba’s community e-commerce service Taocaicai, Taobao Deals and retail management platform Lingshoutong.
«As we continue to build a multi-engine approach to fuel future growth, a “diversified corporate governance” will become Alibaba’s new organizational strategy, as we look to the future». “We want to explore new approaches to corporate governance to drive more innovation and creativity across our teams and companies.”
And it is that in the face of a weaker economy, with rivals in the middle of an Alibaba cut its forecast for annual revenue growth to its lowest point since the company went public seven years ago. In addition to the fact that it had to face record fines in April for alleged monopolistic practices and its dominant position in the market.
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