Alibaba will be divided into six independent companies.
Daniel Zhang, the CEO of Alibaba, announced to his employees on Tuesday, March 28th, that this Chinese business and service giant will operate as an active holding company in the future, consisting of six distinct groups: Alibaba Cloud Computing Group, Taobao-Tmall Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Trade Group, and Digital Media and Entertainment Group.
Each company will have its own CEO and board of directors. Zhang, who manages the Alibaba Group, will be at the helm of this conglomerate and will also head the Alibaba Cloud Computing Group. Zhang said the main goal of these reforms is to make our organization more flexible, shorten decision-making paths, and react faster.
He also announced that the administrative department of the company will be downsized, but did not provide details on job reductions. With this news, Alibaba’s shares on the New York Stock Exchange increased by over six percent shortly before the market opened.
Persian
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