(Yicai) Dec. 20 -- Alibaba Group Holding's Chief Executive Officer Eddie Wu will become the new head of the Chinese company's business group devoted to domestic e-commerce.

Wu will be appointed chairman and CEO of Taobao and Tmall Group, Alibaba's Chairman Joseph Tsai announced in an internal letter today. The BG's former CEO Trudy Dai will assist the Hangzhou-based firm in establishing a new asset management company, he added.

Wu was appointed CEO of Alibaba and of the company’s cloud intelligence BG, and Tsai was named Alibaba’s chairman in September, after Daniel Zhang resigned from the three positions.

Wu promoted the establishment of a younger management team in the three months since his appointment as Alibaba's CEO, Tsai noted.

Alibaba unveiled its largest organizational shake-up since it was founded 24 years ago in March. Under the restructuring, six new business groups were created: Cloud Intelligence Group, Taobao and Tmall Group, Local Services Group, Alibaba International Digital Commerce Group, Cainiao Smart Logistics Network, and Digital Media and Entertainment Group.

Taobao and Tmall Group is Alibaba's largest source of income.

Editors: Shi Yi, Futura Costaglione