2024-04-10 09:35:00
Alibaba co-founder Jack Ma praised the company’s top leadership and ongoing restructuring efforts in a note to employees, a rare move following the billionaire stepped away from the spotlight in recent years.
Updated April 10, 2024 17:35 CST
Alibaba co-founder Jack Ma praised the company’s top leadership and ongoing restructuring efforts in a note to employees, a rare move following the billionaire stepped away from the spotlight in recent years.
“Not only having the courage to admit and promptly correct yesterday’s problems, but also reforming for the future is why we keep moving forward,” according to the internal letter seen by The Wall Street Journal The copy is displayed. Two sources who saw the letter on Alibaba’s intranet verified it.
Jack Ma praised the leadership of Alibaba Chairman Joe Tsai and CEO Eddie Wu, and said in the letter released on Wednesday morning that the core change this year is not to chase KPIs. , but to recognize yourself and return to the track of customer value.
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Alibaba co-founder Jack Ma praised the company’s top leadership and ongoing restructuring efforts in a note to employees, a rare move following the billionaire stepped away from the spotlight in recent years.
“Not only having the courage to admit and promptly correct yesterday’s problems, but also reforming for the future is why we keep moving forward,” according to the internal letter seen by The Wall Street Journal The copy is displayed. Two sources who saw the letter on Alibaba’s intranet verified it.
Jack Ma praised the leadership of Alibaba Chairman Joe Tsai and CEO Eddie Wu, and said in the letter released on Wednesday morning that the core change this year is not to chase KPIs. , but to recognize yourself and return to the track of customer value.
Alibaba announced its reorganization in March last year, splitting the group into six independently operating companies, which effectively dismantled the business empire that Jack Ma had built over more than 20 years.
These businesses are divided into cloud intelligence, Taotian Group, Alibaba International Digital Commerce, Cainiao, local life and large entertainment departments.
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Alibaba has abandoned some of its restructuring plans, including a plan to list its logistics business Cainiao in March. The company also shelved a plan to spin off its cloud computing business.
Jack Ma wrote in the letter: “The path of reform and innovation will never be accompanied by applause, because what we are changing is our favorite bad habits, and what is being changed are vested interests.”
Once a darling of Wall Street, Alibaba has struggled as China’s economy cools and competition intensifies from local upstarts such as PDD Holdings’ e-commerce platform and ByteDance’s short-video app TikTok. It has been struggling to cope with sluggish growth.
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Ma himself has kept a low profile since the Hong Kong and Shanghai IPO of financial affiliate Ant Group, which was supposed to raise more than $34 billion, was halted in late 2020. Alibaba’s sheer size has attracted the attention of Chinese regulators, who have begun to crack down on the brutal growth of the Internet industry.
Alibaba shares closed up 4.9% on Wednesday at HK$73.95 (US$9.44).
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