Alibaba Group Holding announced Toby Xu as the company’s new Chief Financial Officer (CFO) from April 2022. This move is defined as part of the firm’s leadership succession plan. Toby Xu had joined Alibaba three years ago and was named as deputy chief financial officer in 2019, Alibaba said in a statement.

“We are concentrating on the company’s long-term plans and are setting our management team on every event to make sure that Alibaba’s growth will be stronger and placed even better in the future,” Alibaba Chairman and CEO Daniel Zhang said in the statement. The company is thinking to restructure its international and domestic e-commerce businesses, and the unit will include AliExpress, which sells to retail buyers in Europe and South America. The e-commerce business will focus on Lazada and Alibaba.com, which sells to foreign customers.