Alibaba Group overhauls e-commerce businesses, names Toby Xu new CFO

Alibaba Group Holding Ltd said on Monday it was reorganising its international and domestic e-commerce businesses and would appoint a new chief financial officer.

The changes come as Alibaba faces headwinds on multiple fronts, including increased competition, a slowing economy and a regulatory crackdown.

The e-commerce giant's Hong Kong-listed shares slid 8% in early morning trade.

Alibaba said it would form two new units to house its main e-commerce businesses - international digital commerce and China digital commerce, in a bid to become more agile and accelerate growth.

The international digital commerce unit will house Alibaba’s overseas consumer-facing and wholesale