Eddie Wu, the CEO of Alibaba Group, is assuming leadership of the Taobao and Tmall e-commerce business, succeeding Trudy Dai in the latest executive change at the Chinese internet titan. Dai, a co-founder among Alibaba’s 18, is set to assist in establishing an asset management company.
This announcement from Alibaba follows Wu’s earlier appointment as the CEO of the group, succeeding Daniel Zhang in September. Wu has been serving as the chairman of Taobao and Tmall Group since May 2023.
Alibaba’s once-thriving e-commerce sector has encountered challenges amid intensifying competition, notably from companies like PDD, compounded by slow consumption growth in China.
Alibaba’s shares faced recent downward pressure following news of scrapping plans to list its cloud business due to U.S. restrictions on chip exports to China.
In March, Alibaba revealed a significant restructuring into six units, priming for individual stock listings, particularly for its cloud division. Wu assumed the role of acting chairman and CEO of Alibaba’s Cloud Intelligence Group after Zhang’s sudden departure from the division.
During Alibaba’s recent earnings call in mid-November, plans were outlined to monetize non-core assets, with the company reporting $67 billion in equity securities and other investments on its balance sheet.
