Alibaba Group Holding Ltd. has announced that co-founder and Chief Executive Eddie Wu will be taking over as the head of the company’s core e-commerce unit, Taobao and Tmall Group. This move comes as Alibaba aims to strengthen its presence in the Chinese internet market.
Wu’s new role as CEO of Taobao and Tmall Group is effective immediately, according to reports from Bloomberg, Reuters, and CNBC. However, Alibaba has yet to officially confirm or comment on this development.
Trudy Dai, the previous CEO of Taobao and Tmall Group, will be transitioning into a new internal role to contribute to the establishment of an asset-management company within Alibaba.
It is important to note that Eddie Wu has been serving as the CEO of Alibaba Group since September, following the departure of Daniel Zhang. Additionally, Wu is also responsible for overseeing Alibaba’s cloud computing division.
Recently, analysts have expressed concerns about Alibaba’s performance as it has been overtaken by competitors such as Pinduoduo and Temu parent company PDD in terms of market value. This has resulted in a decline of approximately 14% in Alibaba’s U.S.-traded shares year to date, in contrast to the S&P 500’s impressive 24% gain over the same period.
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