China’s largest e-commerce group Alibaba Group Holding Ltd (阿里巴巴) yesterday said it is appointing a new chief financial officer and reorganizing its e-commerce businesses amid a regulatory crackdown in the technology industry.
Toby Xu (徐宏) is to succeed Maggie Wu (武衛) as its new CFO from April 1 next year, the company said in a statement.
Xu joined Alibaba from PricewaterhouseCoopers LLP three years ago and was appointed deputy group CFO in July 2019.
Photo: Reuters
Wu, who has been Alibaba’s CFO since 2013 and has helped lead three Alibaba-related company listings, would continue to serve as an executive director on Alibaba’s board.
She would 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,” Alibaba chairman and chief executive officer Daniel Zhang (張勇) said.
Separately, Alibaba said that it would be creating an international digital commerce team to handle its e-commerce businesses in international markets.
A China digital commerce team would be in charge of e-commerce operations inside China, a post on the company’s Alizila news hub said.
The Hangzhou-based firm was fined a record US$2.8 billion for antitrust contraventions and is under scrutiny as regulators step up oversight of the technology industry at a time when the economy is slowing.
Last month, Alibaba cut its sales outlook for the year amid mounting competition from rivals such as Pinduoduo Inc (拼多多). It expects growth for this year to be the slowest since it listed on the New York Stock Exchange in 2014.
Alibaba’s New York stock price has plunged more than 50 percent over the past 12 months. The company’s Hong Kong-traded shares were down 4.9 percent yesterday.
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Power supply and electronic components maker Delta Electronics Inc (台達電) yesterday said it plans to ship its new 1 megawatt charging systems for electric trucks and buses in the first half of next year at the earliest. The new charging piles, which deliver up to 1 megawatt of charging power, are designed for heavy-duty electric vehicles, and support a maximum current of 1,500 amperes and output of 1,250 volts, Delta said in a news release. “If everything goes smoothly, we could begin shipping those new charging systems as early as in the first half of next year,” a company official said. The new
RSS