Eddie Wu, co-founder and CEO of Alibaba Group Holding, will become the CEO of Taobao and Tmall Group, Alibaba’s domestic e-commerce unit, effective immediately. Trudy Dai will take a new internal role to establish an asset-management company.

Alibaba Group’s Chairman Joe Tsai has announced Eddie’s leadership of Alibaba Cloud and TTG, focusing on cloud computing and e-commerce. Analysts have criticized Alibaba, which has been surpassed by Pinduoduo and Temu parent company PDD. Alibaba’s U.S. shares have fallen 14% year to date.