Alibaba makes leadership changes after bruising by rival’s success
CNN
Alibaba has reshuffled its top ranks after the stellar performance of a competitor caused a stir at the tech giant.
Alibaba has reshuffled its top ranks after the stellar performance of a competitor caused a stir at the tech giant. Eddie Wu, Alibaba Group CEO, will now also head the firm’s e-commerce business, replacing Trudy Dai, who has been with the company for over two decades, according to an internal letter from Joe Tsai, chairman of Alibaba Group, which was seen by CNN. Dai, who is one of Alibaba’s 18 co-founders, will be setting up an asset management company for the group, the letter said. Shares in Alibaba (BABA) were up over 3% in Hong Kong on Wednesday. The shakeup comes weeks after billionaire co-founder Jack Ma called for “change” at the company, as the dramatic success of rival PDD (PDD), the group behind Chinese online shopping giant Pinduoduo and US-based retail upstart Temu, rattled China’s e-commerce industry. PDD’s stock has skyrocketed 77% so far this year, allowing it to surpass Alibaba in market capitalization for the first time last month.
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