On December 20th, Alibaba's senior management and organizational structure underwent significant adjustments.
Alibaba Group Chairman Cai Chongxin announced through a letter to all members that Wu Yongming, CEO of Alibaba Group and Chairman of Taotian Group, will also serve as CEO of Taotian Group. Dai Shan, former CEO of Taotian Group, will assist in the establishment of Alibaba Group Asset Management Company. Cai Chongxin stated in the letter that "preparing for the Group Asset Management Company is a new business function after Alibaba's transformation.".
This means that Wu Yongming will serve as the CEO of Alibaba Group, Taotian Group, and Alibaba Cloud Intelligent Group simultaneously, which will help to lead Taotian's transformation with technological innovation, ensure that the group focuses on core strategic e-commerce and cloud, form a unified command and high-intensity continuous investment.
On that day, Cai Chongxin announced the appointment through a letter from all staff. It is reported that the above adjustment will take effect on December 20th.
Alibaba's transformation and adjustment are comprehensively deepening
In March of this year, Alibaba launched organizational change, and Cai Chongxin and Wu Yongming officially took over as the Chairman and CEO of Alibaba Group in September. Subsequently, Wu Yongming announced the establishment of two strategic priorities: "user first, AI driven", and conducted business analysis around these two priorities, reshaping business strategic priorities, and carrying out reforms to rejuvenate the management team.
In November, at Alibaba's quarterly performance conference call, Wu Yongming first disclosed a new strategic plan to the outside world, clarifying Alibaba's important priorities for the next decade in three directions: technology driven internet platform business, AI driven technology business, and globalized business network. He announced that for its core business, Alibaba Group will maintain long-term focus and high-intensity resources and R&D investment, while each business will be based on independent business units, facing the market independently.
"We launched corporate governance reform this year and continue to accelerate the construction of a flexible decision-making system. We hope that in the future, Alibaba's various business lines will be based on independent business units and face the market more independently." He also revealed, "On this basis, we are exploring the establishment of corresponding incentive systems to strike a balance between the independence and cooperation of business groups and achieve the maximum synergy of development."
At the end of November, Pinduoduo's market value surpassed that of Alibaba. Jack Ma, as a "partner," made a rare statement on Alibaba's intranet, defining the future as the just beginning "AI e-commerce era" and stating that "Alibaba will change, Alibaba will change.".
At the same time, Wu Yongming made judgments and trade-offs on Alibaba Cloud's strategic direction, determined that Alibaba Cloud will implement an AI driven and public cloud priority strategy in the next five years, and made significant adjustments to the business management team. He believes that today's Alibaba is facing rapidly developing new technologies and new changes and expectations in the market. No matter how successful you have been in the past, you must turn the page to zero and awaken the mentality of starting a new business.
"Wu Yongming took over as the CEO of Alibaba Group for three months, clarifying the group's strategic focus and priority choices, making resolute choices around the main business, and comprehensively promoting the reform of the management team's youthfulness. With Wu Yongming concurrently serving as the number one position on Alibaba Cloud and Taotian, it will help to lead Taotian's transformation with technological innovation, ensure the group's unified command and high-intensity continuous investment in the two strategic focuses of e-commerce and cloud." Cai Chongxin emphasized in the letter to all staff, "Next, we will fully utilize the young management team that has been trained and emerged at the grassroots level, creating an innovative environment for young people."
Dai Shan will assist the group in establishing an asset management company
Cai Chongxin wrote in a letter to all employees, "A new era requires a new strategic and organizational system transformation. Facing the past, facing the future, and changing oneself, I believe that Alibaba, which has undergone this round of transformation, will complete its transformation."
The letter also pointed out that in order to optimize the return on capital and enhance shareholder value, the Group's Capital Management Committee authorized the establishment of an asset management company. Dai Shan will assist the group in establishing an Alibaba Group Asset Management Company and forming a professional management team.
As a member of the 18 founding teams of Alibaba, Dai Shan has been working hard on the front line of the company for over 20 years, dedicating tremendous efforts to the establishment and growth of the company. In the process of Taotian Group's comprehensive return to users, the Internet, and universal Taobao, Dai Shan has completed her mission. Preparing for the Group Asset Management Company is a new business function after Alibaba's transformation, which requires a pioneering spirit and strong organizational structure ability. Dai Shan will Fully leverage her expertise to continue creating value for the company Cai Chongxin said.
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