(Bloomberg) — Alibaba Group Holding Ltd. replaced one of its most experienced executives at the helm of e-commerce and plans to create a firm to oversee its investment assets around the world, the latest in a series of sweeping changes to roil the once-dominant Chinese online juggernaut.
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Chief Executive Officer Eddie Wu will replace Trudy Dai, one of an inner circle of partners present when Jack Ma founded the company in 1999, as head of the division that runs Alibaba’s main Chinese e-commerce platforms Tmall and Taobao. Dai will instead help set up an entity to manage some of its vast portfolio of assets around the world. Alibaba, whose investments include stakes in startups as well as businesses from entertainment to physical retail, described that entity as overseeing the company’s non-core assets without elaborating.
Alibaba’s shares rose 2% in Hong Kong on Wednesday.
The surprise decision comes as Alibaba strives to rejuvenate a company after a…
2023-12-19 23:09:29
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