Alibaba Appoints new CEO for its Southeast Asia e-commerce Firm
Alibaba has appointed a new CEO at its e-commerce firm in Southeast Asia known as Lazada. Previous CEO Lucy Peng stepped down to be replaced by Lazada executive president Pierre Poignant after just nine months in the role.
The company owns 90 percent of Lazada and has been involved in the business since April 2016 when it bought 51 percent of Lazada for $1 billion from Rocket Internet.
Also, after the acquisition Alibaba invested a further $1 billion last year to increase its equity to around 83 percent and earlier this year it raised its stake even higher with an additional $2 billion injection.
Lazada operates in six countries across Southeast Asia, but there are very few indicators of how the business is performing. Alibaba’s own financial rep...