China daily: Alibaba to conduct major business restructuring
Chinese technology giant Alibaba Group Holding Ltd has announced the largest business restructuring in 24 years by creating six independent divisions, China Daily reports.
According to an internal letter from Alibaba Group Chairman and Chief Executive Officer Daniel Zhang to employees, under the management of its own CEO and board of directors, each of the divisions will have the opportunity to attract external capital and conduct its initial public offering of shares.
Six divisions will specialize in cloud analytics, trading on the Taobao Tmall platform, global digital commerce, digital media and entertainment, local services, as well as engage in the development of intelligent logistics within Cainiao.
The reform is designed to make the organization more flexible, to allow each department to actively respond to rapid changes in the market.
Daniel Zhang will continue to serve as chairman and Chief Executive Officer of Alibaba, and will also head the cloud analytics division. Director of International Trade Jiang Fan will become the head of the Global digital business unit.
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