- Alibaba’s grocery arm, Freshippo, is undergoing a leadership change.
- The move comes after Freshippo shelved its planned Hong Kong IPO.
- Alibaba aims to reignite growth in its core businesses.
Yan Xiaolei appointed as new CEO
Alibaba Group has announced a leadership change at its grocery arm, Freshippo, with Yan Xiaolei taking over as the new CEO.
Yan, who previously served as Freshippo’s CFO, replaces the company’s founder, Hou Yi, who will transition to a senior advisor role.
The development comes after Freshippo shelved its planned Hong Kong initial public offering (IPO) due to poor market sentiment. Launched in 2016, Freshippo currently operates over 360 stores in China and aims to open an additional 70 outlets this year.
Alibaba’s efforts to reignite growth in core businesses
Alibaba’s recent financial results showed a 5% year-on-year increase in overall revenue for the third quarter of its 2024 fiscal year, reaching $36.7 billion.
In the company’s latest earnings announcement, Alibaba Group CEO Eddie Wu stated that the top priority is to “reignite the growth of our core businesses, e-commerce, and cloud computing.”
The leadership change at Freshippo appears to be part of Alibaba’s efforts to rejuvenate its core operations, as the company has faced increased regulatory scrutiny and competition from rivals like PDD Holdings and ByteDance.
To read the original article: https://www.techinasia.com/alibaba-freshippo-shifts-leadership-after-shelved-ipo
