Alibaba Group Holding Ltd. co-founder and CEO Eddie Wu will take over as head of the Chinese internet giant’s flagship e-commerce group.
Wu will become CEO of Taobao and Tmall Group, Alibaba’s domestic e-commerce unit, effective immediately, the company said in a statement Tuesday evening.
Former Taobao and Tmall CEO Trudy Dai will take on a new internal role to help build an asset management company.
Wu took over as CEO of Alibaba Group BABA,
9988,
in September, after Daniel Zhang resigned. Wu also heads Alibaba’s cloud and AI unit.
“Eddie’s leadership of both Alibaba Cloud and TTG will bring a total focus on, and significant and sustainable investment in, our two core businesses: cloud computing and e-commerce, and will enable TTG to transform through technology innovation” , Alibaba Group Chairman Joe Tsai said in an email to staff.
Analysts have recently soured on Alibaba, which has been surpassed by Pinduoduo and Temu parent PDD PDD.
as China’s most valuable e-commerce company. Alibaba announced a major reorganization earlier this year, reorganizing it into six business units in a move “intended to unlock shareholder value.”
Alibaba’s U.S.-traded shares are down about 14% year to date, compared with the S&P 500’s SPX gain of 24% this year.