Alibaba's Freshippo appoints Yan Xiaolei as new head, replacing founder Hou Yi, amid restructuring efforts.

Alibaba's grocery arm, Freshippo, appointed Chief Financial Officer Yan Xiaolei as its new head, replacing founder Hou Yi. This move is part of Alibaba's restructuring as the company seeks to regain growth and address missteps, regulatory scrutiny, and competition against rivals like PDD Holdings and ByteDance. Freshippo operates over 360 stores in China and plans to open 70 new locations in 2024.

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