Alibaba’s CEO Eddie Wu now heads Taobao and Tmall, succeeding Trudy Dai, amid a series of management changes. In September, Wu became Alibaba’s CEO and later also acted as chairman and CEO of Alibaba’s Cloud Intelligence Group after Daniel Zhang’s departure.
As Alibaba faces challenges in the e-commerce landscape, with rising competitors like PDD and sluggish consumption growth in China, the move aims to strategically position the company under Wu’s guidance. PDD, in particular, has seen significant gains, with its U.S.-listed shares soaring over 80% this year, surpassing Alibaba’s market capitalization. In contrast, Alibaba’s shares have experienced a 14% decline year to date.
The e-commerce giant’s restructuring in March, dividing the company into six units for potential individual stock listings, faced setbacks. News emerged last month that Alibaba abandoned plans to list its cloud business due to U.S. restrictions on chip exports to China. Despite these challenges, Joe Tsai, Alibaba’s Chairman, expressed confidence in Wu’s leadership, emphasizing a focus on core businesses—cloud computing and e-commerce.
In a letter, Tsai outlined plans for the empowerment of a new cohort of management leaders with fundamental skillsets, developing from the bottom up. The letter also hinted at Alibaba’s intention to monetize non-core assets, revealing a significant $67 billion on its balance sheet in equity securities and other investments. Although details about these non-core assets were not provided, the company’s commitment to transformation and growth is evident.
Trudy Dai, one of Alibaba’s co-founders, will play a crucial role in establishing an asset management company, according to the internal letter. Having accomplished her mission with Taobao and Tmall, Dai’s strengths will now be channeled into this new venture.
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Alibaba’s strategic leadership shifts, led by Eddie Wu in Taobao and Tmall, address e-commerce challenges. Adapting to market changes, Alibaba focuses on core sectors, ensuring sustained growth and innovation under Wu’s guidance.