The head of Alibaba Group Holdings Local Services Group (LSG), one of the six major business units being spun off from the e-commerce giant, is stepping down amid an ongoing restructuring process.
Yu Yongfu, who was appointed to lead LSG after Alibaba announced its restructuring last March, will exit the unit which includes delivery business Ele.me and mapping service Amap at the end of March, according to a statement by Alibaba on Friday.
Yu will pass on his chairman and chief executive roles to a younger group of managers, with Wu Zeming stepping up at Ele.me and Liu Zhenfei taking up the senior roles at Amap. The 47-year-old Yu will remain as a partner at Alibaba, which also owns the South China Morning Post. The statement did not…
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