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Alibaba Group CEO Eddie Wu is taking over as the head of the company’s Taobao and Tmall e-commerce businesses, replacing Trudy Dai. Dai, one of Alibaba’s co-founders, will assist in establishing an asset management company. The move comes as Alibaba faces challenges from rising competitors like PDD and sluggish consumption growth in China. Wu, who became CEO of Alibaba in September, has been chairman of Taobao and Tmall since May 2023. Alibaba recently scrapped plans to list its cloud business due to US restrictions on exports to China.

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