UPDATE 1-Alibaba groceries arm Freshippo CEO to retire, to be replaced by CFO [Yahoo! Finance]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Yahoo! Finance
its staff that its CEO Hou Yi will step down and retire and be replaced by the unit's current CFO, Yan Xiaolei, according to an internal letter seen by Reuters. "From now on, Hou Yi will step down as CEO of Freshippo and retire with honor," the letter said. "Yan Xiaolei will serve as CEO." Yan is currently CFO of the company. The letter also said Hou will continue as "chief honorary advisor" of Freshippo for the future. Alibaba did not immediately respond to a request for comment on Monday. Hou, 60, joined Alibaba in 2015 and created Freshippo the next year as part of the company's "new retail" revolution. Before that he had worked in the logistics department of JD.com . The leadership reshuffle at Freshippo is the latest one at e-commerce giant Alibaba Group, which has seen a number of its senior leaders depart or move into new roles as the company undergoes a restructuring and strategy rethink. Alibaba had initially told investors that it planned to list Freshippo before
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