Alibaba CEO Eddie Wu Takes Over E-Commerce Division Amid Rising Competition

Outgoing e-commerce head Trudy Dai to establish new asset management company as Alibaba battles rivals like PDD Holdings

Alibaba Group CEO Eddie Wu is taking over as chief executive of the company's e-commerce division, Taobao and Tmall Group, replacing Trudy Dai.
Dai, a longtime Alibaba executive and one of the company's co-founders, will assist in establishing a new asset management company for Alibaba.
The leadership change comes as Alibaba faces increasing competition from rivals such as PDD Holdings, the owner of Pinduoduo and U.S.-based shopping platform Temu.
PDD Holdings recently surpassed Alibaba in market value, prompting Alibaba founder Jack Ma to call for change within the company.
Alibaba's shares rose by 3.5% following the announcement of the leadership change.