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Alibaba veteran to step down at Local Services Group as e-commerce giant proceeds with sweeping restructuring
- Yu Yongfu, who was appointed to lead LSG after Alibaba revealed its restructuring a year ago, will exit the unit at end of March
- The management reshuffle is the latest step by Alibaba to promote a new generation of younger managers
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Ben Jiangin Beijing
The head of Alibaba Group Holding’s Local Services Group (LSG), one of the e-commerce giant’s six business units, is stepping down amid an ongoing restructuring process.
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Yu Yongfu, who was appointed to lead LSG after Alibaba announced its restructuring last March, will exit the unit – which includes delivery business Ele.me and mapping service Amap – at the end of March, according to a statement by Alibaba on Friday.
Yu will pass on his chairman and chief executive roles to a younger group of managers, with Wu Zeming stepping up at Ele.me and Liu Zhenfei taking up the senior roles at Amap. The 47-year-old Yu will remain as a partner at Alibaba, which also owns the South China Morning Post. The statement did not elaborate on whether or who will take on the senior roles at LSG.
The management reshuffle is the latest step by Alibaba to promote a new generation of younger managers following a call by Alibaba CEO Eddie Wu Yongming to “rejuvenate the team” in an internal letter in September, when he took over as CEO.
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