Alibaba to Demote E-commerce Chief After Probing Improper Behavior [Yahoo! Finance News]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Yahoo! Finance News
) -- Alibaba Group Holding Ltd. demoted e-commerce chief Jiang Fan and took away a year’s worth of financial incentives, disciplining the top executive after concluding an investigation into allegations of improper behavior, a person familiar with the matter said.Alibaba removed Jiang, who oversees its main online shopping services, from a so-called partnership of 38 people who influence the board’s make-up. It also demoted him to vice president from senior vice president, the person said, asking not to be identified discussing internal matters. Alibaba declined to comment in an emailed statement.The decision casts a shadow over one of the most important executives at China’s largest corporation, a former Google software engineer once regarded as a frontrunner to succeed Chief Executive Officer Daniel Zhang. This month, Jiang’s wife took to microblogging site Weibo to publicly warn a prominent social media influencer not to “mess with” her husband, igniting a frenzy of social media sp
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