China's Alibaba appoints new CFO

China's largest e-commerce group Alibaba is appointing a new chief financial officer and reorganizing its e-commerce businesses amid a regulatory crackdown in the technology industry.

Toby Xu will succeed Maggie Wu as the new CFO from April 1, 2022. Xu joined Alibaba from PricewaterhouseCoopers three years ago and was appointed deputy group CFO in July 2019.

Alibaba would be creating an International Digital Commerce team to handle its e-commerce businesses in international markets while a China Digital Commerce team will be in charge of e-commerce operations inside the country.