Alibaba appoints Toby Xu as new chief monetary officer

© Reuters. FILE PHOTO: Alibaba Group's logo will be illuminated in its office building in Beijing, China on Aug 9, 2021. REUTERS / Tingshu Wang

(Reuters) – Alibaba (NYSE 🙂 Group Holding Ltd said Toby Xu will succeed Maggie Wu as the company's chief financial officer in April.

Xu joined Alibaba from PWC three years ago and was named deputy chief financial officer in July 2019, Alibaba said.

Wu, who served as CFO in the direction of three Alibaba affiliates, will continue to serve as executive director on Alibaba's board of directors, the company said.

"We are long-term oriented and the succession within our management team is always on duty at every opportunity to ensure that Alibaba is stronger and better positioned for the future," said Daniel Zhang, chairman and CEO of Alibaba.

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