Alibaba Group Holding Ltd said it will reorganize its international and domestic e-commerce businesses and replace its CFO - changes that come as the tech giant grapples with an onslaught of competition, a slowing economy and a regulatory crackdown, Report informs referring to Reuters.
It will form two new units - international digital commerce and China digital commerce which it said was part of efforts to become more agile and accelerate growth.
The international digital commerce unit will include AliExpress which sells to retail buyers particularly in Europe and South America, its Southeast Asian e-commerce business Lazada and Alibaba.com which is more focused on selling to overseas business customers.
It will be headed by Jiang Fan, who had been in charge of its main Chinese retail marketplaces, and the change is seen in line with Alibaba's aim to make 'globalization' a key focus area in addition to cloud computing and domestic consumer spending.
The China digital commerce unit will include Alibaba's two main marketplaces, Tmall for established brands and Taobao which welcomes all kinds of merchants. It will be led by Trudy Dai, who has previously overseen a number of Alibaba platforms.
The new structure for domestic e-commerce puts Dai in charge of all China retail marketplaces, including Taocaicai - its community e-commerce service, Taobao Deals as well as Lingshoutong, a retail management platform for mom and pop stores.
Alibaba also announced that deputy chief financial officer Toby Xu will succeed Maggie Wu as CFO from April, describing his appointment as part of the company's leadership succession plan. Xu joined Alibaba from PWC three years ago.
The e-commerce giant's Hong Kong-listed shares slid 6% in early morning trade, tracking Friday declines made in the United States.