(Yicai Global) Dec. 6 -- Alibaba Group Holding is dividing its e-commerce business into two new units, one focused on China and the other on overseas, and is appointing a new chief financial officer as the Chinese e-commerce giant shakes up its internal organization to tackle a host of new challenges in the Covid-19 era including growing competition and a stricter regulatory environment.

Deputy CFO Toby Xu, who used to be partner at PricewaterhouseCoopers before joining Alibaba in 2018, will replace CFO Maggie Wu, who has held the position since 2007, from April next year, the firm’s chairman and chief executive officer said in an internal memo seen by Yicai Global today. Wu will remain as the group’s executive director and will serve as a member of the sustainable development committee under the board of directors.

The Hangzhou-based firm’s main e-commerce business will be split into two, Daniel Zhang said. Founding member Trudy Dai, who helped set up Alibaba after leaving Yahoo China, will head the China division, which will encompass the Taobao, Tmall, Alimama, Taocaicai, Taote and 1688 e-marketplace platforms.

Jiang Fan, who joined the firm in 2013 when the mobile app analytics provider Umeng that he founded was bought by Alibaba, will be in charge of overseas business. This includes AliExpress, the International Core Business Unit and online shopping mall Lazada’s overseas subsidiaries.

The appointments will take effect on Jan. 1 next year.

Editor: Kim Taylor