Alibaba management shakeup not Ended yet
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The most significant Alibaba management shakeup since founder Jack Ma revealed he would step aside next September 10 sees high-profile CFO Maggie Wu take on a new role.
Wu will take over responsibility for strategic investments by the group, charged with finding new growth streams for the technology and retail giant as its growth in the e-commerce sector begins to slow. She will oversee a team focused on investment, taking over that responsibility from executive vice-chairman Joe Tsai.
The Alibaba management changes were revealed via the company’s official WeChat account by CEO Daniel Zhang.
“To guarantee innovation, invest in our future, Alibaba is undertaking an organisational upgrade,” he said.
Wu has been Alibaba’s CFO for six years.
In other changes, Alibaba said its supermarket chain Freshippo – also known as Hema and now numbering 160 stores – will become a standalone business. DingTalk, the group’s enterprise software business unit, will be merged into the Alibaba Cloud business unit.
These changes come ahead of a planned IPO in Hong Kong later this year which could raise as much as US$20 billion in fresh capital for expansion via investment.
Questions & Answers
Q.What is Maggie Wu's new role within Alibaba?
What is Maggie Wu's new role within Alibaba?
Maggie Wu will now be responsible for the group's strategic investments. She is tasked with identifying new areas for growth as the e-commerce sector experiences slower expansion.
Q.Which other Alibaba business units are undergoing significant changes?
Which other Alibaba business units are undergoing significant changes?
The supermarket chain Freshippo, which has 160 stores, will become a standalone business. Also, the enterprise software unit DingTalk is merging into Alibaba Cloud.
Q.Who announced these management and structural changes at Alibaba?
Who announced these management and structural changes at Alibaba?
The changes were revealed by Alibaba's CEO, Daniel Zhang. He announced them via the company’s official WeChat account, stating the goal is to guarantee innovation and invest in the future.
Q.What wider company event are these structural changes taking place ahead of?
What wider company event are these structural changes taking place ahead of?
These changes are occurring in anticipation of a planned Initial Public Offering (IPO) in Hong Kong later this year. This IPO aims to raise up to US$20 billion for expansion through investment.