Particle.news
Download on the App Store
15 ARTICLES
·
last yr.

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

Overview

  • 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.