INTERNATIONAL - The president of Alibaba Group Holding Ltd’s video streaming service, Youku, has stepped down and is believed to be talking to Chinese authorities as part of a potential corruption case, the company said on Tuesday.
The abrupt departure comes amid a wider reshuffle of Alibaba executives as the company shores up its leadership following the announcement by chairman Jack Ma that he will retire next year.
Yang Weidong, who has been at Youku for roughly five years, joined the firm before it was fully acquired by Alibaba in 2015. He previously worked at Chinese computer maker Lenovo Group Ltd.
“(Yang) is understood to be assisting Mainland authorities with an investigation into an alleged case of seeking economic benefits,” said a spokeswoman for Alibaba’s Digital Media and Entertainment business.
The company declined to give details on Yang’s connection to the case, to say when he left the company, or which authorities might be talking to him. Yang could not immediately be reached for comment.