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

Brendan Mcdermid | Reuters

BEIJING — Alibaba Group CEO Eddie Wu is taking over the top role at the company’s Taobao and Tmall e-commerce business, replacing Trudy Dai in the Chinese internet tech giant’s latest management shakeup this year.

Dai, who is one of the 18 cofounders of Alibaba, will assist in establishing an asset management company, according to an internal letter from Alibaba Chairman Joe Tsai seen by CNBC.

Alibaba’s announcement Wednesday comes after Wu replaced Daniel Zhang as the group’s CEO in September.

Wu has been chairman of Taobao and Tmall Group since May 2023.

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Original: Finance: Alibaba CEO Eddie Wu to lead e-commerce business in latest reshuffle