E-COMMERCE giant Alibaba's logistics unit, Cainiao, is one of six units that will be split off from the main company as part of the firm's biggest restructuring in its 24-year history.
In stock exchange fillings, Alibaba said that the company would split into six groups each to be managed by its own chief executive and board of directors, according to London's Air Cargo News.
The move would 'empower all our businesses to become more agile, enhance decision making, enable faster responses to market changes, and promote innovation to capture opportunities in their respective markets and industries'.
The units could in the future list on stock exchanges, the company said.
The group will follow a holding company model, according to Alibaba's news website, Alizila.
The six new groups will be made up of the Cloud Intelligence Group, Taobao Tmall Business Group, Local Services Group, Global Digital Business Group, Cainiao Smart Logistics and Digital Media and Entertainment Group.
'The market is the best litmus test, and each business group and company can pursue independent fundraising and IPOs when they are ready,' said Daniel Zhang, who will continue to serve as chairman and chief executive of the Alibaba Group, in an email to employees.
'The move marks the most significant governance overhaul in the platform company's 24-year history and positions Alibaba's businesses to capture market opportunities and further stimulate growth,' writes Alizila.
Wan Lin will serve as the chief executive of the new Cainiao Smart Logistics Group, the company said.
Cainiao has been investing in its airfreight operation over the last few years by partnering with a range of airlines as it targets its stated mission for 24-hour delivery to anywhere in China and 72 hours to anywhere globally.
SeaNews Turkey
In stock exchange fillings, Alibaba said that the company would split into six groups each to be managed by its own chief executive and board of directors, according to London's Air Cargo News.
The move would 'empower all our businesses to become more agile, enhance decision making, enable faster responses to market changes, and promote innovation to capture opportunities in their respective markets and industries'.
The units could in the future list on stock exchanges, the company said.
The group will follow a holding company model, according to Alibaba's news website, Alizila.
The six new groups will be made up of the Cloud Intelligence Group, Taobao Tmall Business Group, Local Services Group, Global Digital Business Group, Cainiao Smart Logistics and Digital Media and Entertainment Group.
'The market is the best litmus test, and each business group and company can pursue independent fundraising and IPOs when they are ready,' said Daniel Zhang, who will continue to serve as chairman and chief executive of the Alibaba Group, in an email to employees.
'The move marks the most significant governance overhaul in the platform company's 24-year history and positions Alibaba's businesses to capture market opportunities and further stimulate growth,' writes Alizila.
Wan Lin will serve as the chief executive of the new Cainiao Smart Logistics Group, the company said.
Cainiao has been investing in its airfreight operation over the last few years by partnering with a range of airlines as it targets its stated mission for 24-hour delivery to anywhere in China and 72 hours to anywhere globally.
SeaNews Turkey
