Singapore based Southeast Asian arm of Chinese e-commerce firm Alibaba Group Holding Lazada has announced that it would replace its chief executive officer, as it battles for dominance in the fast-growing market as reported by leading business portal.
Lazada Group Chief Executive Officer and co-founder Pierre Poignant will be replaced by Chun Li, a former Alibaba executive, who is currently Lazada co-president and head of its Indonesia operations, the company said in a statement.
Poignant was replaced Lucy Peng, an Alibaba co-founder, who stepped down as CEO after nine months in 2018 although she remains executive chairwoman.
Lazada has struggled to fend off rivals like the Singapore-headquartered SEA's e-commerce arm Shopee, which is backed by Alibaba rival Tencent, for control of the fast-growing market of 650 million consumers.
( Source: Reuters)