Alibaba appoints new CFO in a major overhaul

alibaba.com logo on the glass against blurred business center.

  • The Group also appointed a new CFO, replacing Maggie Wu
  • Maggie Wu to continue as an Executive Director

Alibaba appoints new CFO amid a deteriorating business environment and a regulatory crackdown. Its share price declined on Monday as Alibaba also announced some major changes to its business structures. The Tech Giant’s share price closed down -5.61% on the Honk Kong exchange.

The group announced that it would rearrange its domestic and international businesses and appointed Toby Xu as its new CFO. Toby, promoted from his deputy group chief financial officer role, replaces Maggie Wu. He will start as the company CFO on April 1, 2022.

Announcing the changes, Alibaba Group said it would create two new units to house its main e-commerce business. These units comprise international digital commerce and China digital commerce.

The China digital commerce unit will oversee Alibaba’s domestic e-commerce business. Trudy Dai will head it. Trudy is a founding member of Alibaba.

The group’s new overseas consumer-facing and wholesale businesses will be under the international digital commerce unit. The unit, which will be headed by Jiang Fan, comprises of AliExpress, Alibaba.com, and Lazada.

This move aims to unlock growth and begin a positive upturn after a sluggish performance that saw the company slashing its forecast for annual revenue growth to its slowest since 2014.

The group is also fighting to retain market share, given the continued regulatory crackdown by Chinese authorities on tech companies.

Other headwinds that Alibaba is facing include increasing competition from other e-commerce firms as well as the slowing world and domestic economy.