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© Reuters. Trader works at the post where Alibaba is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 28, 2023. REUTERS/Brendan McDermid
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© Reuters. Trader works at the post where Alibaba is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 28, 2023. REUTERS/Brendan McDermid
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SHANGHAI (Reuters) – Alibaba (NYSE:) Group’s restructuring will allow all business units to become more agile, and enhance faster decision-making and faster responses to market changes, the tech conglomerate’s Chief Executive Daniel Zhang said on Thursday.
Alibaba began laying the groundwork for the restructuring over the past few years, he told a conference call.
Zhang’s comments come two days after Alibaba announced its largest restructuring in the company’s history, which will see it change into a holding company structure with six business units, each with their own boards and CEOs.
The restructuring also opens up the possibility for each unit to raise funds through its own initial public offer (IPO).
