Alibaba appoints new CFO, reshuffles e-commerce businesses
Associated PressHONG KONG — China’s largest e-commerce group Alibaba said Monday it is appointing a new chief financial officer and reorganizing its e-commerce businesses amid a regulatory crackdown in the technology industry. 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. Separately, Alibaba said that it would be creating an International Digital Commerce team to handle its e-commerce businesses in international markets. Alibaba’s flagship Singles’ Day shopping extravaganza also posted its slowest-ever growth this year, amid muted marketing campaigns and a shift to sustainability and philanthropy amid Chinese President Xi Jinping’s calls for “common prosperity.” Alibaba’s New York stock price has plunged more than 50% over the last 12 months.
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