Maggie We, the long-time finance director of the Alibaba Group, is resigning as part of a reorganization of the group that will also see Jiang Fan, 36, take responsibility for its international operations. Alibaba has not been doing well since its founder, Jack Ma, complained last year about the suspension of a planned public offering of a sister company, the Ant Group. Earlier this, it received a $2.8 billion fine on anti-trust grounds. In reporting its latest financial results, it indicated that it was suffering from incentives given by competitors to merchants to lure them away from Tmall and its other websites. Citing a slowdown in the Chinese economy, it reduced its sales growth forecast for 2022 from 30 percent to between 20 and 23 percent.

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