Alibaba Group Holding Ltd. co-founder and Chief Executive Eddie Wu will take over as the head of the Chinese internet giant’s core e-commerce group, according to multiple reports late Tuesday.
Wu will become CEO of Taobao and Tmall Group, Alibaba’s domestic e-commerce unit, effective immediately, Bloomberg, Reuters and CNBC reported. Alibaba did not immediately respond to a request for confirmation or comment.
The reports said Taobao and Tmall’s previous CEO, Trudy Dai, will take a new internal role to help establish an asset-management company.
Wu took over as CEO of Alibaba Group
BABA,
9988,
in September, after Daniel Zhang stepped down. Wu is also in charge of Alibaba’s cloud unit.
Analysts have recently soured on Alibaba, which has been surpassed by Pinduoduo and Temu parent company PDD
PDD,
as China’s most valuable e-commerce company.
Alibaba’s U.S.-traded shares are down about 14% year to date, compared to the S&P 500’s
SPX
24% gain this year.
This post was originally published on Market Watch
