(Yicai Global) March 21 -- Alibaba Group Inc. has installed Wan Lin, the president of its logistics platform, Cainiao Network Technology Co., as a director at delivery firm BEST Inc., replacing Cainiao Chairman Tong Wenhong in a like-for-like swap.
Wan started his position on March 20, the Hangzhou-based courier said in a statement, adding that he will also be a member of the remuneration committee, as well as the corporate governance and nomination committee.
Hangzhou-based tech giant Alibaba is the largest shareholder in BEST with a 23.4 percent stake, while BEST founder Zhou Shaoning holds a 14.7 percent share. Alibaba is increasingly looking to tap into China's growing logistics industry, which is driven by the country's booming e-commerce sector.
China made up a 40 percent share of packages delivered globally by volume last year, data from the country's State Post Bureau shows. The volume delivered in China has risen at an average annual rate of 42 percent over the past decade, soaring as much as 47 percent over the past five years, official data shows.
Wan has been President at Cainiao since January 2017 and before that, he was vice-president. Prior to joining the company, he worked for Amazon Inc.