China’s largest e-commerce group Alibaba said Monday it is appointing a new chief financial officer and reorganizing its e-commerce businesses amid a regulatory crackdown in the technology industry.
The company said in a statement Monday that Toby Xu will succeed Maggie Wu as its new CFO from April 1, 2022. Xu joined Alibaba from PricewaterhouseCoopers three years ago and was appointed deputy group CFO in July 2019.
Wu, who has been Alibaba’s CFO since 2013 and has helped lead three Alibaba-related company listings, will continue to serve as an executive director on Alibaba’s board.
She will also remain as a partner in the Alibaba Partnership – a group of senior executives who have the right to nominate a simple majority of Alibaba’s board of directors.
“We are 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,” said Daniel Zhang, chairman and CEO of Alibaba Group.
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