Alibaba Group announced on Wednesday that its new chief executive will be in charge of its domestic e-commerce division directly. The former head of the division will now be overseeing non-core assets as the company struggles with slower earnings growth.
With immediate effect, Group CEO Eddie Wu will assume leadership of Taobao and Tmall Group, the company’s domestic e-commerce arm, increasing his direct influence over the group’s primary operations.
In addition to taking over from Daniel Zhang as the company’s prior CEO of the cloud business that same month, Wu has been Group CEO since September. Wu now oversees both the organization as a whole and its two most significant commercial segments, cloud and domestic e-commerce, with this most recent appointment.
Although Taobao and Tmall, the company’s domestic e-commerce platforms, continue to be the biggest in China, they have been losing market share recently to rapidly growing rivals like PDD Holdings’ Pinduoduo.
