Retail İndustry, Alibaba Group Holding Ltd, Executive Changes, Dismissal, Corporate Controversy

Retail İndustry, Alibaba Group Holding Ltd

Top Alibaba exec fired for helping girlfriend secure a job and accepting gifts, internal memo says

Top Alibaba exec fired for helping girlfriend secure a job and accepting gifts, internal memo says

7/3/2020 10:31:00 AM

Top Alibaba exec fired for helping girlfriend secure a job and accepting gifts, internal memo says

Alibaba has fired the head of its fast-growing livestreaming business for allegedly engaging in nepotism and accepting gifts, according to an internal memo seen by CNBC.

Key PointsAlibaba has fired the head of its fast-growing livestreaming business, according to an internal memo obtained by CNBC.Zhao Yang, led Alibaba-owned e-commerce site Taobao's live streaming product known as Taobao Live.The memo says he helped a third party live-streaming firm secure a contract with Taobao Live.

Seeking refuge in US, children fleeing danger are expelled How the GOP is trying to use Kanye West North Carolina Will Pause Further Reopening Until September To Start The School Year

The memo alleges that he arranged for his girlfriend to work at that same live-streaming agency and she was paid for the job.The Alibaba Group Holdings Ltd. headquarters stand illuminated at night ahead of the annual November 11 Singles' Day online shopping event in Hangzhou, China, on Sunday, Nov. 10, 2019.

Qilai Shen | Bloomberg | Getty ImagesAlibabahas fired the head of its fast-growing livestreaming business for allegedly engaging in nepotism and accepting gifts, according to an internal memo obtained by CNBC.Zhao Yang led Taobao Live, the livestreaming product of Alibaba-owned e-commerce site Taobao. The memo says he allegedly helped a third-party livestreaming company secure a contract with Taobao Live.

The memo also alleges that Zhao arranged for his girlfriend to work at that same livestreaming agency, and that she was paid for the job.Zhao attended an external business conference where he accepted money, according to the memo. He also accepted food, lodging and gifts from other live broadcasting agencies, the memo says.

An Alibaba spokesperson declined to comment on the reason for Zhao's departure when contacted by CNBC.Caixin Global first reported the existence of the memo on Tuesday.CNBC was unsuccessful in attempts to contact Zhao. Though earlier reports indicated that Zhao has a social media account on Weibo, China's Twitter-like service, a subsequent search by CNBC turned up no active accounts under that name.

The memo did not say when Zhao was fired or how an internal investigation was conducted.Livestreaming drives ain China and is seen as a hot new trend. Often, internet influencers or high-profile people will start a livestream which talks about a product. Then viewers can buy the product from inside the video.

For Alibaba, Taobao Live is its main livestreaming product, one that it ispushing very heavily. In the fiscal year ended March, gross merchandise volume (GMV) generated from livestreaming grew over 100% from last year, Alibaba said in its earnings release at the time without giving a value. GMV relates to the the value of products sold across Alibaba's platforms.

NYT: Deutsche Bank complies with subpoena for Trump’s financial records Beirut after the blast: the crunch of glass, acrid smoke and stairs slick with blood Report on Trump scheme to profit from UK favors withheld; IG fired

Zhao's case marks another high-profile individual who has fallen foul of Alibaba's internal rules.In April, Jiang Fan, who oversaw the Taobao and Tmall businesses, was demoted,. Alibaba took the action following an investigation into improper behavior in relation to speculation around his alleged relationship with a Chinese social media influencer, Reuters reported.

Read more: CNBC »

Respiratory therapist struggles to catch her own breath after COVID-19

Ana Carolina Xavier was helping as many as six coronavirus patients a day to slowly recover lung capacity when she began worrying about her own breathing.

Imagine that standard being held in the White House.

Taxes may be the top reason why Americans want to renounce their citizenshipWherever you live and regardless of where you work, the taxman is expecting a slice of your income. Seven out of 10 U.S. citizens abroad don't think they should have to file with the IRS, according to a survey by Greenback Expat Tax Services. That and being totally embarrassed having realDonaldTrump as a 'leader'. Did Democrats notice that Biden claimed that he will roll back all of Trump's tax cuts, the cuts that pushed the economy to record levels and brought businesses back to the U.S. and promoted a sound economy even with the crippling Covid-19 virus? Nope, they're in denial. And yet corporate media protect democrats (especially Biden now) who want to control everyone lives with overtaxing.

Top U.S. business executives urge Congress to pass bipartisan policing reformTop business executives in the United Sates are calling on the U.S. Congress to pass bipartisan policing reform before its August recess, in the wake of protests against police brutality and racial bias in the criminal justice system. Behavior of youth a huge factor conduct attitude loitering around stores shoplifting. Police response what we focus on they should be in school at work doing something meaningful Well past time. We need civilian oversight. Put a check between officers and their guns for nonviolent calls and traffic stops

Stock market outlook, picks for 11 sectors from top-ranked analysts - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. How to do accurate and precision forecast besides using the historical data? anyone who is sleeping on SPCE stock is going to regret it. Huge potential and a steal of a price right now.

Top CEOs Urge Congress To Pass Police Reform As George Floyd Bill Stalls“Corporate America cannot sit this one out.” Time to break up a lot of these big companies. Too big, too powerful, too corrupt.

Top CEOs Urge Congress To Pass Police Reform As George Floyd Bill StallsTop CEOs urge Congress to pass police reform as the George Floyd bill stalls by lisettevoytko lisettevoytko Hopefully Police respond by saying we need work reforms too. Let’s fix this country frfr lisettevoytko If only these CEO's, like Jeff Bezos and Tim Cook had the personal ability to do something with an incredible amount of wealth... lisettevoytko He only listens to putin.

TV Ratings: 'America's Got Talent' Dips but Remains on TopNBC's AmericasGotTalent slipped to season lows in the same-day ratings on Tuesday, but the series is so far ahead of its competition that the small decline didn't matter