Alibaba Removes All Ant Executives from Partnership in First Step to Separation
Alibaba and its financial affiliate Ant Group are gradually completing an organizational restructuring. The original direct internal transfer channel has also been eliminated in favor of the normal separation process.
According to Alibaba’s annual report released on the same day, the e-commerce giant recently revised its Partnership Agreement, which now allows only Alibaba employees to be part of the partnership. Employees of Alibaba‘s affiliates ceased to be partners as of May 31, Alibaba said in the filing. The move was made as part of its continuous efforts to enhance corporate governance.
Daniel Zhang, Chairman and CEO of Alibaba, said: “These organizational and cultural changes made by Alibaba in the past year will become a new beginning for future development.”
$BABA-SW (09988.HK)$ $Alibaba (BABA.US)$ $China Concept Stocks (BK2517)$ $Hang Seng TECH Index (800700.HK)$
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
