SHANGHAI: Alibaba Group chief executive officer Eddie Wu will take over as chief executive of domestic eCommerce arm Taobao and Tmall Group effective immediately, the company says, boosting his direct control over the group’s core businesses.
Wu, who has been group CEO since September, also took over from previous head Daniel Zhang as the company’s cloud business CEO that month.
The latest appointment means Wu now leads the overall group as well as its two most important business divisions – cloud and domestic eCommerce.
The company’s Hong Kong-listed shares rose as much as 4% by midday on Wednesday.
Trudy Dai, previously the Taobao and Tmall Group CEO, would shift roles to assist in the establishment of a new asset management company “as part of ongoing efforts to improve return on capital,” according to an internal company letter seen by Reuters and signed by Joseph Tsai, who took over as group chairman from Zhang in September.
An Alibaba spokesperson confirmed plans to set up a new asset management company and that Dai would be involved.
Dai, Wu and Tsai are all Alibaba Group’s co-founders and long-time lieutenants of former chief Jack Ma.
Wu last month briefed analysts about Alibaba Group’s future strategy, saying the company would conduct a review to distinguish between “core” and “non-core” businesses.
“Core businesses are where we will keep our long-term focus, intensively invest resources, pursue research and development, enhance user experience,” he said in a post-earnings call. — Reuters
Source: The Star