Alibaba Group Holding Ltd. is reassigning the leader of its advanced media and entertainment division, after a little more than a year at work. Yu Yongfu, who became administrator and CEO of Alibaba’s Digital Media and Entertainment Group in October 2016, will step down December. He will move to pursue key interests in another area of the organization, Alibaba said. Yongfu will head the Electronic World Exchange stage, an important event started by Alibaba founder Jack Ma to extend group operations outside China.
The organization is seeking a way to fill the authoritative position, according to the report. One of the competitors is Lu Fubin, previous VP of Baidu, who regulates business in film and video, music, and short recordings. Yu spoke on his Weibo, saying he’s not leaving the organization. An Alibaba didn’t comment on whether there will be an adjustment in Yu’s position or not.
“Yu has surprised us with his excellent Leadership in promoting the strategy and business consolidation of the entertainment division” Daniel Zhang, Alibaba CEO said in an Internal Message. “We believe he will give us another surprise in building the global investment system.”
In spite of the buzz, the course of this gossip mirrors the challenges Alibaba Pictures faces: average execution of a unit where the parent company set high expectations. Yu indicates solid capacities in capital operations, displayed by the purchase of mapping service AutoNavi, yet he has limited involvement in the film business. Youku Tudou, the once number one video streaming service under Alibaba Pictures, progressively lost its foothold in rivalries with rising opponents like Tencent Video and iQiyi. The case is compounded by level film industry exhibitions in blockbuster films like See You Tomorrow and Once Upon a Time.
The 41-year-old tech star in China’s web industry risen quickly, despite the fact he’s a relative newcomer to the Alibaba Group. He joined the parent organization in 2014, when UCWeb, the portable web organization he headed as CEO, was completely procured by Alibaba in an arrangement estimated at more than $2 billion. In May 2015, he was named the leader of Alibaba Group’s versatile web division.