By Stephanie Yang and Jing Yang
Alibaba Group Holding /zigman2/quotes/201948298/composite BABA +3.08% /zigman2/quotes/215112034/delayed HK:9988 +1.38% said it would reorganize its e-commerce teams and appointed a new chief financial officer, as the tech giant faces increasing competition in China, slowing growth and a plummeting stock price.
The company said Monday that its various Chinese e-commerce units would be combined into one from next year, and that it would form a new international digital commerce team.
Chief Financial Officer Maggie Wu will step down and Toby Xu, currently the deputy chief financial officer, will succeed her from April 1, Alibaba said. Ms. Wu will continue as a partner and an executive director on the board, the company said.
Chief Executive Daniel Zhang, in a letter to Alibaba employees, said the new structure is an effort to “empower [the company’s] organization to become more agile.”