Alibaba Group's transformation process continues to continue, and the latest news is that Alibaba Group CEO Wu Yongming is also the CEO of Taotian Group. This appointment will help lead Taotian's transformation with technological innovation and ensure the Group's unified command and continuous investment in core strategic e-commerce and cloud. In an all-staff letter, Chairman Joe Tsai said that the new era requires new strategic and organizational changes, and he stressed the importance of change.
In order to optimize the return on capital and enhance shareholder value, Alibaba Group has also authorized the establishment of an asset management company, and Dai Shan will assist in the establishment and construction of a professional management team. This move demonstrates the importance that the Group attaches to capital management and wants to enhance the value of the company through more effective capital management.
Alibaba initiated organizational changes in March, with Wu Yongming and Joe Tsai officially taking over as CEO and chairman of Alibaba Group in September. Wu then announced the group's two strategic priorities, namely user-first and AI-driven. He also carried out business restructuring and management team rejuvenation reform.
At November's quarterly results** meeting, Wu Yongming unveiled Alibaba's new strategic plan for the first time, identifying key priorities for the next decade, including technology-driven Internet platform business, AI-driven technology business and global business network. He also announced that Alibaba Group will maintain long-term focus and high levels of resources and R&D investment, and will face the market as a separate business unit.
In addition, Alibaba Cloud has also announced a new organizational structure that has been adjusted to implement an AI-driven and public cloud-first strategy. Wu Yongming judged and made trade-offs on Alibaba Cloud's strategic direction and adjusted the business management team.
Wu Yongming believes that Alibaba is facing rapid development of new technologies and market changes, and must turn the page to zero and awaken the mentality of starting a new business. Under Wu's leadership, Alibaba Group is moving towards a more focused focus on its core business. This will help to lead Taotian's transformation with technological innovation, and ensure the Group's unified command and continuous investment in the two important strategic priorities of e-commerce and cloud.
Overall, Alibaba Group is undergoing a series of changes to adapt to the rapidly changing market and technology environment. The appointment of Wu Yongming and the adjustment of the management team demonstrate the importance that the Group attaches to technological innovation and core business. This change will further strengthen Alibaba's leading position in e-commerce and cloud, and lay a solid foundation for the Group's future growth.