China's largest e-commerce firm Alibaba Group Holding Ltd. said it has established a new company-wide committee to implement its strategy for the future and upgrade the group's various business units.
The "Five-New" Executive Committee will lead the execution of a new strategy under the same name initially announced by company founder Jack Ma. The strategy is initiated in response to a future envisioned by Ma that will be defined by five new trends, namely new retail, new manufacturing, new finance, new technology and new energy.
The committee is headed by Alibaba chief executive Daniel Zhang, with Eric Jing, CEO of Alibaba's financial affiliate Ant Financial, serving as vice chairman. It will coordinate execution efforts across the Alibaba ecosystem including its cloud computing, Cainiao logistics and e-commerce units.
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