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Alibaba CEO resigns amid `fraud scandal'
Source: Xinhua/Shanghai Daily |
February 21, 2011, Monday
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Online Edition
Online Edition
CHINESE e-commerce trading platform giant Alibaba announced today that its chief executive officer (CEO) David Wei has resigned from his post.
The company said on its Sina.com official blog account that Wei offered to quit because "the company has found 0.8 percent of its registered B2B users were suspected of `cheating customers'."
Li Xuhui, the company's COO, also quit for the same reason to shoulder the responsibility.
Wei, who graduated from Shanghai International Studies University, has been replaced by Jonathan Lu, CEO of Taobao.com, China's largest online retail site which is also owned by Alibaba.
Alibaba, a Hong Kong listed company, is based in Hangzhou, capital of east China's Zhejiang Province.
The company said on its Sina.com official blog account that Wei offered to quit because "the company has found 0.8 percent of its registered B2B users were suspected of `cheating customers'."
Li Xuhui, the company's COO, also quit for the same reason to shoulder the responsibility.
Wei, who graduated from Shanghai International Studies University, has been replaced by Jonathan Lu, CEO of Taobao.com, China's largest online retail site which is also owned by Alibaba.
Alibaba, a Hong Kong listed company, is based in Hangzhou, capital of east China's Zhejiang Province.
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