On Monday, Alibaba Group Holding said it was reorganising its international and domestic e-commerce businesses and would appoint a new chief financial officer.
The changes come as Alibaba faces a number of issues, including increased competition, a slowing economy and a regulatory crackdown.
In a bid to make its main e-commerce business more agile and faster, Alibaba said it would form two new units.
The international digital commerce unit will house Alibaba's overseas consumer and wholesale businesses, and include AliExpress, Alibaba.com and Lazada. The unit will be headed by Jiang Fan, who had previously been president of the Taobao and Tmall marketplaces.
It said that the company's domestic commerce businesses will be housed in the China Digital Commerce unit, led by Trudy Dai, a founding member of Alibaba.
It said that Toby Xu, the company's deputy chief financial officer, will replace Maggie Wu as the company's chief financial officer from April, as part of the company's leadership succession plan.
Xu joined Alibaba from PWC three years ago and was appointed deputy CFO in July 2019.
Wu, who helped lead three of the company's public listings as CFO, will continue to serve as an executive director on Alibaba's board.
The Hong Kong-listed shares fell 8% in early morning trade, due to Friday declines in the United States. After plans by Didi Global Inc DIDI.N to delist from the New York Stock Exchange, shares of Chinese firms tumbled due to concerns about stricter regulatory scrutiny at home. Last month, the company slashed its forecast for revenue growth to its slowest pace since its 2014 stock market debut, and saw sales at its banner event, Singles Day, grow at their slowest rate ever.