Chinese company Alibaba Group is facing a crisis amid restructuring and power struggle. writes about this Finance Times.
In March 2023, Alibaba announced plans to split the business into six divisions, but several sources told the paper that many employees were confused because they did not know exactly what would be split as part of the restructuring until they were laid off after the spin. away from their existence..
It turns out that employees perform the same functions in different departments, according to the FT. At the same time, the company planned to create a separate platform for corporate communications, but the development team was disconnected from the internal network, which prevented the team from accessing the company’s communications.
The publication notes that at the end of December, Alibaba’s new CEO, Eddie Yunmin Wu, managed to establish control over the core business. This was also helped by the fact that Alibaba’s rival PDD Holdings was able to surpass it in terms of market capitalization.
It was noted that the struggle between Eddie Wu and the company’s former CEO Daniel Zhang, who resigned in September, worsened the chaos.
Financial Times writes that Alibaba is looking for a way out of this situation and is developing a strategy to combat competitors, but company representatives believe that Alibaba “has never been in a better financial position.”
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