Alibaba's newly appointed CEO, Eddie Wu, is steering the company towards an AI-focused strategy amid increasing competition and shifts in the internet landscape. The approach, aimed at driving global business growth through new technologies, particularly AI, seeks to reshape its business priorities.
New CEO's focus on AI and users
Eddie Wu, the freshly named CEO of Alibaba Group Holding, is putting his cards on the table by unveiling his strategic direction for the tech giant. Wu is zooming in on two main themes - 'user first' and 'artificial intelligence (AI)-driven.' He believes that traditional internet models are becoming increasingly homogeneous and thus face competitive saturation. Consequently, new technologies such as AI are emerging as the catalysts for global business growth, according to Wu.
Strategic investments in tech and AI
As part of this business transformation, Alibaba plans to strengthen its strategic investments in three key areas. These include technology-driven internet platforms, AI-driven tech businesses, and global commerce networks. With this reshuffling of priorities, Alibaba hopes to stay at the forefront of the rapidly evolving tech industry and maintain its edge over competitors.
Apart from the shift in strategic focus, Alibaba is also undergoing a significant structural change. This restructuring, announced in March, aims to divide its vast business empire into six independently-run entities. These include the cloud unit, which could potentially seek its own fundraising avenues through Initial Public Offerings (IPOs).
Promoting younger talent to leadership
Alibaba's new CEO also has a keen eye on nurturing the company's younger talent. Wu stated that within the next four years, Alibaba plans to promote those born after 1985 and the 1990s to form the core of their business management teams. This strategy indicates a commitment to fostering a dynamic company culture that values fresh perspectives and innovative thinking.