Alibaba Group announces the succession of its CFO | Business

HANGZHOU, China – (BUSINESS WIRE) – December 5, 2021–

Alibaba Group Holding Limited (NYSE: BABA and HKEX: 9988, “Alibaba” or “Alibaba Group”) announced today that Toby Xu, deputy chief financial officer, will succeed Maggie Wu as chief financial officer of the company, effective on April 1, 2022. Maggie will continue as a partner in the Alibaba partnership and serve as an executive director on the board of directors of Alibaba.

“Maggie has made exceptional contributions that have contributed to Alibaba’s achievements to date. Since joining Alibaba nearly fifteen years ago, Maggie has helped run three successful publicly traded companies as CFO: Alibaba.com on the Hong Kong Stock Exchange in 2007, and Alibaba Group Holding in the New York Stock Exchange in 2014 and the Hong Kong Stock Exchange. Exchange in 2019. She built and nurtured a finance team with unparalleled professional abilities and achievements, and served as the foundation for the further strategies and business development of Alibaba. Maggie is always calm and unfazed, regardless of the ups and downs in the global financial markets and the macro environment. She is humble and resilient, and has been my irreplaceable and closest partner over the years, ”said Daniel Zhang, Chairman and CEO of Alibaba Group. “Going forward, Maggie will use her vast experience to support Alibaba in new ways. We will continue to benefit from her guidance and insights in her continued role as Director of the Alibaba Board of Directors. “

“We are focused on the long term, and the succession within our leadership team at every opportunity is always serving to ensure that Alibaba is stronger and better positioned for the future,” said Zhang. “Toby joined Alibaba from PwC three years ago and was appointed Group Deputy CFO in July 2019. He quickly demonstrated his strong capabilities and leadership in response to our ever-changing business. He has assumed increasing responsibilities that have grown to include our strategic investments, in addition to financial management and operations. We are confident that Toby is the right fit to serve as the new group CFO and, together with the core management team, we will help lead our team to our next success.

“Today’s announcement of the CFO of Alibaba’s transition is the culmination of extensive preparation over many years and part of the succession planning for Alibaba’s leadership. Markets will always have their ups and downs, but Alibaba has ambitious long-term goals. We are in a relay race and we need to have new generations of talent to move the business forward. I trust Toby even more than I trust myself when I was CFO years ago. I am confident that Toby, through his professional abilities and leadership skills, and together with Daniel and the core management team, will successfully lead our team in the future, ”said Maggie Wu, Chief Financial Officer of Alibaba Group.

Toby joined Alibaba in July 2018 and was appointed Deputy CFO in July 2019. Prior to joining the Alibaba Group, Toby was a partner at PricewaterhouseCoopers for 11 years, where he joined in 1996. He is a director of Sun Art Retail Group , Lianhua. Supermarket Holdings and Red Star Macalline Group. Toby graduated from Fudan University in Shanghai, China with a bachelor’s degree in physics in 1996. He is a fellow of the China Institute of Chartered Accountants.

About Alibaba Group

The mission of the Alibaba Group is to make it easy to do business anywhere. The company aims to build the future infrastructure of the trade. He envisions that his customers will meet, work and live at Alibaba, and that it will be a good company that will last 102 years.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211205005036/en/

CONTACT: Grace Shao

Alibaba Group

+852 9857 2779

[email protected]

Liyan chen

Alibaba Group

+1 515 864 1116

[email protected]

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SOURCE: Alibaba Group Holding Limited

Copyright Business Wire 2021.

PUB: 05/12/2021 19:22 / DISC: 05/12/2021 19:22

http://www.businesswire.com/news/home/20211205005036/en

Copyright Business Wire 2021.


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