Alibaba’s longtime finance chief Maggie Wu is stepping down as the Chinese ecommerce giant shakes up its organisation to reverse slowing growth and halt the fall of its share price to a five-year low.
The ecommerce group founded by Jack Ma more than two decades ago has been under pressure since Ma criticised Chinese regulators in a Shanghai speech last year that led to the suspension of sister company Ant Group’s blockbuster initial public offering.
Alibaba’s US-listed shares have tumbled 64 per cent since the IPO was derailed, and the group was fined a record $2.8bn for antitrust abuses this year. Analysts said it had poorly navigated Beijing’s campaign to rein in tech companies.
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