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,
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9988,
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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.
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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.
