Alibaba appoints new CFO as shares slide amid Beijing’s Big Tech crackdown

Alibaba has appointed its new chief financial officer, Toby Xu, who will succeed Maggie Wu from April 1 2022.

Xu joined the company from PricewaterhouseCoopers three years ago and was appointed deputy group CFO in July 2019.

Wu, who has been Alibaba’s CFO since 2013 and has helped lead three Alibaba-related company listings, will continue to serve as an executive director on Alibaba’s board.

She will also remain a partner in the company’s partnership scheme, which includes a group of senior executives who have the power to nominate a simple majority of Alibaba’s board of directors.

“We are focused on the long-term, and succession within our management team on every occasion is always in the service of ensuring Alibaba will be stronger and better positioned for the future,” Alibaba chief executive Danial Zhang said.

The ecommerce giant has also announced it is to reorganise its its ecommerce business amid the ongoing clampdown of the Chinese technology sector.

READ MORE: Didi to delist from the NYSE in favour of Hong Kong investment amid pressure from Beijing

The crackdown has resulted in Alibaba’s shares sliding after the news that ride-hailing giant Didi was delisting from the New York Stock Exchange in favour of listing in Hong Kong instead.

Alibaba and the Chinese Big Tech industry as a whole are suffering from tighter regulatory scrutiny as well as a slowing economy and an increase in competition.

Its new international digital commerce division will now house Alibaba’s overseas consumer-facing and wholesales businesses, which include its AliExpress platform.

Its China digital commerce unit will oversea is inland domestic commerce arm.

The ecommerce giant has said it will focus on its three major strategies which include domestic demand, globalisation and cloud computing in the forward.

Alibaba said it will focus on its three major strategies of domestic demand, globalization, and cloud computing moving forward.

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