Alibaba announces reshuffles, CFO to oversee strategic investment unit

In a first significant reshuffle since Alibaba’s co-founder Jack Ma last year announced he would step down as the Chairman of the Alibaba Board of Directors, the group has announced another management reshuffle wherein its chief financial officer, Maggie Wu, will oversee the firm’s strategic acquisitions and investments unit.

As part of a business and management reshuffle at the ecommerce giant, Wu will take over from Executive Vice-Chairman Joe Tsai, who will support Wu in her new role. The announcement which was made by Alibaba on its official WeChat account did not elaborate further on Tsai’s move.

The statement signed by Chief Executive Officer Daniel Zhang read, “To guarantee innovation, invest in our future, Alibaba is undertaking an organizational upgrade.”

The group’s supermarket division, Freshippo, will become a standalone business, and enterprise software unit DingTalk will be merged into the firm’s cloud unit, as per the changes which became effective last week.

In March this year, Jack Ma also announced that he will be stepping away from his active participation in five subsidiaries of the Asian ecommerce giant, including Taobao software, education technology, Alibaba’s technology, network technology, and other software departments.

Image Credits: CNBC