China-based e-commerce company Alibaba Group has announced that Toby Xu has been appointed as the company’s new chief financial officer (CFO), succeeding Maggie Wu effective April 2022.
Wu will continue as a partner in the Alibaba Partnership and will serve as an executive director on the Alibaba board. She steps down following fifteen years with the company, during which she helped lead three company listings, including placing Alibaba on the Hong Kong Stock Exchange in 2019.
“We are focused on the long-term and succession within our management team on every occasion is always in the service of ensuring Alibaba will be stronger and better positioned for the future,” said Daniel Zheng, chairman and CEO of Alibaba Group, in a release.
Xu joined the company three years ago, from PricewaterhouseCoopers (PwC) where he was positioned for 11 years. Appointed deputy group CFO in July 2019, Xu “took on increasing responsibilities that grew to include strategic investments, in addition to financial management and operations”.
Xu’s soon-to-be predecessor, Wu said on his appointment: “The announcement of Alibaba’s CFO transition today is the culmination of extensive preparation over many years and a part of Alibaba’s leadership succession planning. The markets will always have ups and downs, but Alibaba has ambitious long-term goals. We are in a relay race and we must have new generations of talent to take the company forward.”