Alibaba (NYSE:BABA) has made changes in its leadership. The company has replaced one of its most experienced executives who was leading the e-commerce division. Additionally, they plan to create a new firm to manage their investment assets worldwide.
These changes are said to be part of a series of sweeping transformations at the Chinese online giant.
Eddie Wu, the Chief Executive Officer, will take over the responsibility of heading the division that manages Alibaba's primary Chinese e-commerce platforms Tmall and Taobao. He will directly oversee BABA's domestic e-commerce arm, with Trudy Dai, one of the early partners present when the company was founded, moving to a new position.
Dai will move over to help set up an entity to manage some of BABA's portfolio of assets around the world. According to an internal Alibaba letter seen by Reuters, Dai's role change will see him assist in the establishment of the new asset management company "as part of ongoing efforts to improve return on capital."
Alibaba's investments include stakes in startups as well as businesses in the entertainment sector and physical retail. The company described the new entity as overseeing the company’s non-core assets.