Longtime Alibaba executive Yu Yongfu will step down as CEO of the firm's local services division at the end of March, according to a company spokesperson. His role, which includes leading food delivery business Ele.me and mapping and navigation service Amap, will be divided between several executives. Wu Zeming will become chairman of Ele.me while Han Liu will take the reins as chief executive.
The head of Alibaba Group Holding's Local Services Group (LSG), one of the e-commerce giant's six business units, is stepping down amid an ongoing restructuring process. Yu Yongfu, who was appointed to lead LSG after Alibaba announced its restructuring last March, will exit the unit - which includes delivery business Ele.me and mapping service Amap - at the end of March, according to a statement by Alibaba on Friday. Yu will pass on his chairman and chief executive roles to a younger group of ma
(Bloomberg) -- Alibaba Group Holding Ltd. has replaced the head of businesses from mapping to meal delivery service Ele.me, splitting his duties between younger-generation executives in its latest management change-up.Most Read from BloombergTrump Warns of Big Losses From Asset Sales During Property SlumpNYCB Flags Weaknesses in Loan Oversight and Names New CEOElon Musk Sues OpenAI and Altman for Breaching Firm’s Founding MissionBankers Sick of the NYC Commute Are Fueling a Boom in a Mini Greenw