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BEIJING, July 27 (TMTPOST)— Alibaba is strengthen independence of it units through an overhaul of its key partnership as senior officials at Ant Group has not served as partners anymore.
Source: Visual China
Seven Ant executives including CEO and Chairman Eric Jing, Chief Technology Officer Xingjun Ni, Chief People Officer Songbai Zeng, Chief Sustainability Officer Yijie Peng, Ying Zhao, President of International Business Group, Minzhi Wu, Senior Vice President and Deputy Chief People Officer, Wenlan Shao, Vice President and President of Insurance Business Group, have stepped down as Alibaba’s partners, according to an annual report for the fiscal year ended March 31, 2022 filed to the U.S. Securities and Exchange Commission (SEC).
The departure was part of shakeup that followed by amendment of Alibaba’s key partnership, which established in 2010 and maintains control of the internet giant to date. According to the update Alibaba Partnership, only its own staff can serve as partner and people from its affiliates shall not hold the position from May, 31, 2022. The annual report showed that Alibaba founder Jack Ma and all of Alibaba’s senior management including chairman and CEO Daniel Zhang remained in their role as partner.
The shakeup will enhance distance between Alibaba and Ant, make corporate governance structure clearer with more transparence, and further ensure independent decision at the management and the board of directors, Chinese business newspaper 21st Century Business Herald cited insiders of the industry.
Daniel Zhang also suggested such intention in his letter to shareholders. Zhang said his company “boldly experimented with a new management responsibility system under our multi-governance structure”, and explained that its multiple business engines are in different industries, in different life cycles and face different opportunities and challenges, which means “they each need more independent business strategy and management understanding” and quick response to market demands. “We must make the organization more agile and flexible, and allow every unit in the organization to learn quickly and act proactively, thereby ensuring Alibaba’s future is propelled forward by the different business engines collectively,” Zhang noted.
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