Wu will take over responsibility for strategic investments by the group, charged with finding new growth streams for the technology and retail heavyweight as its growth in the e-commerce sector is beginning to slow. She will oversee a team focused on investment, taking over that responsibility from executive vice-chairman Joe Tsai.

 

The Alibaba management adjustments were announced via the company’s official WeChat account by CEO Daniel Zhang.

 

“To guarantee innovation, invest in our future, Alibaba is undertaking an organisational upgrade,” he said. Wu has been Alibaba’s CFO for six years.

 

In other adjustments, Alibaba said its supermarket chain Freshippo – otherwise known as Hema and now numbering 160 stores – will become a standalone business. DingTalk, the group’s enterprise software business unit, will be merged into the Alibaba Cloud business unit.

 

These changes come just before a planned IPO in Hong Kong subsequently this year which could raise as much as US$20 billion in fresh capital for expansion via investment.

 

Source: TRONSERVE