Chinese tech giant makes announcement a day after its co-founder Jack Ma returned to mainland China
Chinese tech giant Alibaba Group Holding Ltd. BABA -0.90%decrease; red down pointing triangle plans to split its business into six independently run entities, the biggest structural overhaul in its history—announced a day after co-founder Jack Ma was seen back in mainland China after almost a year overseas.
Alibaba Group will become a holding company overseen by current Chairman and Chief Executive Daniel Zhang, the company said in a statement on Tuesday.
Alibaba’s wide-ranging businesses will be split up into six major areas: cloud, Chinese e-commerce, global e-commerce, digital mapping and food delivery, logistics, as well as media and entertainment.
The six business groups will have their own CEOs reporting to each of their boards of directors and be fully responsible for their performance, Alibaba said in its statement. Its domestic commerce business will remain a wholly owned unit of Alibaba, it added.
<p data-chorus-optimize-field="dek">President Zelenskyy visited the G7 and Arab League summits to make Ukraine’s case.</p> <br />