A new CEO is to be appointed by Alibaba Group Holdings as part of their improved and enhanced management reorganization, which is stated to add to the speculations of preparation for the initial public offering of the e-commerce company of China.
It is revealed that Alibaba will be campaigning for their new deputy CFO Maggie Wu in replacement of Joseph Tsai from the month of May. 10th day will be the date of joining for the new CFO which is also the same day when billionaire Jack Ma will be surrendering from the post of CEO, as per reports revealed from the statement of the organization yesterday. Tsai is expected to become the brand new executive and vice chairman for the strategic investment management.
These changes in the management section is expected to come after the delisting in the month of June at an unit of Hong Kong added with the strategy of purchasing backof stake by Yahoo! Inc especially in a deal with Alibaba that is speculated to be of $35 billion valuation. This company based out at the Hangzhou originated in the year 1999 as a market place that operated online in the companies of China. It led to growth and liberalization of the economic uplift in the nation with more number of web users than the population of many nations, except India.
Victor Yip who is the analyst of the UOB Kay Hian Holdings says that Maggie has been the CFO of the considered companies and she is aware of the best methods to control and operate the tasks of investment well. Yip also adds that the appointment of Maggie as the CFO will mark the start of enhanced share sale scenario.
Since the year of July 2007, Wu has been with the company of Alibaba and has successfully helped it in achieving privatization in the previous year under the B2B unit at Hong Kong. She is also reported to be an active partner of the audit group of KPMG based at Beijing.
According to Ma, the company can start selling its shares from June in the IPO For the next five years. As per the declaration of Florence Shih who is the spokeswoman of Alibaba, it is stated that the organization has no fixed time table for the IPO. According to sources who are informed about the matter, the company is shortlisting banks to apply for a loan of average amount of $8 billion. On the other hand, nine lenders are also waiting for internal approval to provide with $500 million respectively. The sources however refused to be identified as this information related to loan of $8 billion is yet to be disclosed publicly by Alibaba.