Alibaba is having a tough year. The company is losing ground to cheaper competitors as China's consumers flock to cheaper and better-valued products amid the country's sluggish economy. U.S. export restrictions are weighing on Alibaba's money-making cloud computing division. And Alibaba's fintech affiliate, Ant Group, paid an almost $1 billion fine to Chinese regulators over the summer.
Now, Alibaba is reshuffling its leadership, moving its e-commerce head to another position. Group CEO Eddie Wu, one of Alibaba's founding members, is taking over leadership of Taobao and Tmall Group (TTG), the company's two e-commerce platforms. Wu is replacing Trudy Dai, who became CEO of TTG in March after Alibaba reorganized into six business units. Prior to the split, Dai was president of Alibaba's Core Domestic e-Commerce. She will now help with the establishment of a new asset management company for the Alibaba Group.
