Arab Today, arab today alibaba names new chief executive as revenues soar
Last Updated : GMT 01:44:06
Arab Today, arab today
Arab Today, arab today

Alibaba names new chief executive as revenues soar

Arab Today, arab today

Arab Today, arab today Alibaba names new chief executive as revenues soar

Chinese e-commerce giant Alibaba
New York - AFP

Chinese e-commerce giant Alibaba announced Thursday a surprise shake-up in management, replacing its chief executive despite a sharp rise in revenues.

Jonathan Lu, who had taken up the CEO post in May 2013, will be replaced by Daniel Zhang, currently chief operating officer, from Sunday. Lu will remain on the management board as vice chairman.

"There is no better person to lead Alibaba Group as we embark on the next stage of our growth on top of the strong foundation that Jonathan helped build," Alibaba founder and executive chairman Jack Ma said of Zhang.

Zhang, who joined the company in August 2007, is credited with turning Taobao Mall -- a business-to-consumer platform -- into one of the group's most important businesses.

He was also a key architect of Alibaba's  Singles' Day online shopping sale, which has become the world's biggest electronic retail event.

The management shake-up came as the company turned in a 45 percent gain in revenues in the January-March quarter, though profits plunged by nearly half.

Zhang told Bloomberg television Thursday that the company was looking to bring in a younger generation of leaders.

"We will adopt a zero net asset policy this year for our headcount policy. But we will definitely continue to hire talented people to join us and replace those guys, under-performing employees," he said.

Zhang said the leaders of the company's key business units were born in the 1970s.  


"We also are trying to bring more and more 1980s, 1985, 1990s young generations to the middle-class level, finally to the leadership level," he said. "We believe this will be the foundation for our future growth."

The Hangzhou-based company completed the world's biggest IPO in September with a listing on the New York Stock Exchange  that raked in $25 billion.

The IPO was priced at $68 and the shares rocketed to $120 in November. But since then they have been hammered by poor third quarter results and a row with Chinese authorities accusing Alibaba of allowing imitation goods to be sold on its platform.

The new quarterly report and management change though gave the shares a boost: Alibaba soared 7.1 percent to $85.65 on the New York Stock Exchange in early trade after the release.

- Income surges 45% -

On Thursday, the company said its net profit plunged 49 percent to $463 million for the final quarter of its financial year ending March, hit by a share-based compensation expenses.

But revenues rose 45 percent to $2.81 billion, with mobile revenue showing a three-fold leap to $846 million.

For the full year ending March, net income rose 4.0 percent to $3.92 billion.
Transactions made on mobile devices continued to grow, and accounted for just over half of the value of sales made on the company's China retail platforms, up from 42 percent in the previous quarter.

Overall, the Chinese retail business contributed 75 percent of Alibaba's total revenues.

The number of active buyers on its Chinese platform reached 350 million for the year ending March, up 16 million from December.

Founded by Ma in 1999, Alibaba is China's biggest e-commerce company but is seeking to expand beyond its traditional business.

The Chinese company and Amazon are considered competitors in some areas but unlike the US firm which makes its own e-book reader, Alibaba has no products of its own and simply provides a trading platform.

 

arabstoday
arabstoday

GMT 21:21 2017 Thursday ,19 October

Shaikh Nasser praises BIDEC 2017 royal patronage

GMT 20:39 2017 Thursday ,19 October

Tesla fired hundreds of employees in past week

GMT 13:46 2017 Thursday ,19 October

Samsung's revamped Bixby takes on Amazon Alexa

GMT 21:35 2017 Wednesday ,18 October

King congratulated by Premier on BIDEC success

GMT 21:27 2017 Wednesday ,18 October

Shaikh Nasser praises Derasat efforts

GMT 11:54 2017 Wednesday ,18 October

Airbnb rentals boom across Africa

GMT 18:06 2017 Tuesday ,17 October

Three companies offering to search for MH370

GMT 19:24 2017 Sunday ,15 October

Royal Jordanian eyes operating profit this year
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today alibaba names new chief executive as revenues soar Arab Today, arab today alibaba names new chief executive as revenues soar

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today alibaba names new chief executive as revenues soar Arab Today, arab today alibaba names new chief executive as revenues soar

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Silent Republicans have their reasons

GMT 16:55 2017 Thursday ,19 October

Silent Republicans have their reasons
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Hussein Fahmy happy for honoring in festival

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday