Sun Art Retail Group, controlled by Alibaba Group Holding, has appointed a new chief executive as the e-commerce giant continues to consolidate its retail assets amid a restructuring and rising market competition.
Hong Kong-listed Sun Art, a hypermarket business, said in a stock exchange filing on Tuesday that Lin Xiaohai, fomer chief executive officer and executive director of the company, has been moved to another position with Alibaba. Shen Hui, a former senior executive at French supermarket operator Auchan Retail, a former affiliated brand under Sun Art, has taken over the CEO role since Wednesday.
Alibaba acquired a controlling stake in Sun Art in 2020 from the billionaire Mulliez family, paying HK$28 billion to double its effect…
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