Alibaba reshuffles leaders after challenging antitrust investigation
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The Chinese giant is in the process of reshuffling its CFO and head leaders of commerce businesses.
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The company's shares dropped 8.3%.
Alibaba Group Holding Ltd. announced it would be replacing its Chief Financial Officer, in addition to other changes in management since it came out of a crushing antitrust investigation.
Toby Xu will become CFO on April 1, the business revealed Sunday. Former CFO Maggie Wu will continue to serve as executive director on the board of the company.
The company also newly formed two e-commerce branches: one for foreign markets and another for domestic.
Alibaba's losses amounted to more than 50% after shares dropped 8.3%. It was forced to pay a hefty antitrust fine earlier in the year and has had to maintain regulatory inspection.
CEO Daniel Zhang in a statement on Sunday that the company is "focused on the long-term, and succession within our management team on every occasion is always in the service of ensuring Alibaba will be stronger and better positioned for the future.”
Analysts project that Alibaba's recovery will be led by the e-commerce business, which accounts for two-thirds of its total revenue.
The AliExpress logistics service, Alibaba.com, and the Southeast Asian marketplace, Lazada, will be run by the International Digital Commerce unit.
Michael Norris, an analyst with Shanghai-based consultancy AgencyChina, says the reshuffle of positions will " raise eyebrows as Alibaba continues record levels of investment into new initiatives."
As it reinvests revenues in new industries and technology in search of fresh development, the corporation has sought to change its attention to charity and environmental efforts in order to better line with Beijing's priorities.
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