Alibaba Group has announced another round of high-level executive reshuffling, with Eddie Wu, the current CEO of Alibaba Group and Alibaba Cloud, now taking on the additional role of CEO of the Chinese e-commerce business group (referred to as TTG, consisting of Taobao and Tmall).
Joe Tsai, Chairman of Alibaba Group, stated that the appointment of Eddie will allow for focused investment in key areas within the Alibaba Group and support the technological transformations within the TTG business group. Throughout the challenging period, Eddie has successfully repositioned both the Alibaba Group and the cloud business.
Trudy Dai, the former CEO of TTG and one of the 18 founders of Alibaba, will be moving to a newly established company to oversee asset management for Alibaba.
The South China Morning Post suggests that the decision to reshuffle the CEO position within TTG may be a result of Alibaba’s declining stock market value, which is currently lower than that of Pinduoduo (PDD), a major competitor in the Chinese e-commerce industry.
In conclusion, Alibaba Group has announced the appointment of Eddie Wu as the new CEO of the Chinese e-commerce business group. This executive reshuffling reflects the company’s commitment to focused investments and technological advancements in the ever-evolving business landscape. Trudy Dai, the former CEO of TTG, will be transitioning to a new role within the company. The decision to make this change may be driven by the decline in Alibaba’s stock market value compared to its competitor, Pinduoduo.
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