Alibaba CEO Eddie Wu to take charge of company's e-commerce business
By Mike Murphy
Alibaba Group Holding Ltd. co-founder and Chief Executive Eddie Wu will take over as the head of the Chinese internet giant's core e-commerce group.
Wu will become CEO of Taobao and Tmall Group, Alibaba's domestic e-commerce unit, effective immediately, the company said in a statement Tuesday night.
Taobao and Tmall's previous CEO, Trudy Dai, will take a new internal role to help establish an asset-management company.
Wu took over as CEO of Alibaba Group (BABA) (HK:9988) in September, after Daniel Zhang stepped down. Wu is also in charge of Alibaba's cloud and AI unit.
"Eddie's leadership of both Alibaba Cloud and TTG will ensure total focus on, and significant and sustained investment in, our two core businesses of cloud computing and e-commerce, as well as enabling TTG to transform through technology innovation," Alibaba Group's Chairman Joe Tsai in an email to staff.
Analysts have recently soured on Alibaba, which has been surpassed by Pinduoduo and Temu parent company PDD (PDD) as China's most valuable e-commerce company. Alibaba announced a major overhaul earlier this year, reorganizing into six business units, in a move "designed to unlock shareholder value."
Alibaba's U.S.-traded shares are down about 14% year to date, compared to the S&P 500's SPX 24% gain this year.
-Mike Murphy
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
12-19-23 2338ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Where Top Stock Fund Managers Are Looking Next After the Fed Rate Cut
-
Our Top Pick for Investing in US Renewable Energy
-
Undervalued by 25% and Yielding 5%, This Stock Is a Buy
-
Can AI Predict Future Stock Returns?
-
The Best Energy Stocks to Buy Now
-
10 Undervalued Wide-Moat Stocks
-
Obesity Drugs: Can New Firms Take Market Share From Eli Lilly and Novo Nordisk?
-
New 4-Star Stocks
-
Intel Fair Value Left Unchanged Despite Qualcomm Takeover Talk