Chinese tech giant Alibaba on Monday reappointed the CEO of its video site Youku Tudou, as part of its newly founded cultural entertainment subsidiary, according to Alibaba CEO Daniel Zhang on Monday.
Zhang said in his email that the current president and CEO of Youku Tudou, Teddy Gu Yongqiang, will resign from his post. The president of Alibaba’s mobile business division, Yu Yongfu, will be the president and CEO of Alibaba’s cultural entertainment subsidiary, which will incorporate Youku Tudou.
Besides Youku Tudou, Alibaba’s cultural entertainment subsidiary will consist of the company’s relevant businesses including mobile browser UCWeb, film, music, sports, games, literature and their digital entertainment division.
After this change, Yu will report to Zhang, and Gu will be a committee chairman of Alibaba in charge of the company’s investment in the cultural entertainment sector.
Gu founded Youku in 2005. Youku merged with its rival Tudou in 2012, and Gu has been the president and CEO of the merged company Youku Tudou ever since.
Alibaba acquired NYSE-listed Youku Tudou in October 2015, the privatization of Youku Tudou was finished in April 2016, and it officially became a wholly-owned subsidiary of Alibaba.
(Top photo from News.21cn.com)