Chinese online retailer Alibaba Group Holding Ltd announced on Monday, December 6, an upcoming management change. On April 1, Toby Sb will become the company’s new Chief Financial Officer, replacing Maggie Wu. Ms. Wu, according to the company’s statement, will remain one of the executive board members.
The company also announced the creation of two digital commerce teams – one for global operations and the other for operations within China. Both personnel changes and structural changes are expected to help Alibaba in the face of increasing pressure and control from the authorities.
The company’s shares in Hong Kong morning trading fell more than 8%, which is more likely connected not with the company’s own problems, but with Didi Global’s decision to leave the New York Stock Exchange, which became known earlier.
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