Alibaba Group will embrace artificial intelligence (AI) and promote younger people to senior management, its new CEO says, as the e-commerce and cloud giant tackles its most ambitious restructuring in its history.
“Times are changing, and so must Alibaba!” Eddie Wu, who stepped into the chief executive role on Sunday, said in a memo to staff seen by CNN. Wu replaced Daniel Zhang to become Alibaba\n \n ’s fourth CEO in its 24-year history. He also took over as head of the cloud division after Zhang’s surprise exit from the unit. In Tuesday’s memo, Wu laid out his long-term goals for the company, which are seeking new growth points amid a challenging economic environment and growing competition from rivals.
The business environment has also become tougher for one of China’s most valuable internet companies. China’s economy is slowing, with consumers holding back on spending. E-commerce companies like Alibaba are under pressure to offer more discounted goods to entice customers. The company is facing rising competition from major online rivals including Pinduoduo\n \n and Bytedance-owned Douyin, a short video app with a strong live shopping business.
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