Alibaba Group Holding Ltd. BABA -0.17% is reassigning the head of its struggling digital media and entertainment arm after just over a year on the job.
Yu Yongfu, who became chairman and chief executive of Alibaba’s Digital Media and Entertainment Group in October 2016, will step down Dec. 1 and take on a new job in strategic investments in a different unit of the company, Hangzhou-based Alibaba said.
With Mr. Yu’s departure, Alibaba said the entertainment and media divisions will be “managed by committee with a rotating leader system to nurture the next generation of leaders for this business.” The committee of six will report to Alibaba Group CEO Daniel Zhang.
“At Alibaba, change is the only constant,” Mr. Zhang said.
“We change in service of our future and we change in service of our customers.
The changes we embrace today will open doors to new triumphs tomorrow.”