Alibaba hires ex-Goldman Sachs exec to lead globalization strategy

The choice of Michael Evans, who has been an independent director on the company’s board since last year, underlines the close links between the Wall Street financial elite and Alibaba, which launched an initial public offering in New York last September for a record $25bn.

Alibaba Group is taking another step toward globalizing its business with the announcement today that Michael Evans will take on the role of president – effective immediately. The company has made growing its business outside of China a top priority, and is also committed to significantly increasing cross-border trade between China and key markets.

“Globalization is Alibaba Group’s most essential technique for the approaching many years, and our aim is to assist 10 million global companies and serve 2 billion shoppers all over the world”, Zhang stated. “To that end, I can think of no one better than Michael to help Alibaba become a truly global company”.

Evans will reportedly be working a in a role created just for him, helping the Chinese e-commerce monolith expand it’s reach into newer markets around the globe.

For now, the primary global focus for Alibaba is to make more Western goods available to China’s 600 million-plus Internet users. Amid the major responsibilities, Evans needs to look after the global growth strategies of the company to help globalize. “This allows them to get experience with US sellers but plays to their strength in understanding the needs of online shoppers in China”. “As we connect Alibaba and the rest of the world, we are turning to a proven worldwide leader who has been connecting China and the rest of the world for most of his career”. Before all that, he won a gold medal for rowing with the Canadian team in the 1984 Olympics. The 52-week high of Alibaba Group Holding Limited (NYSE:BABA) is $120 and the 52-week low is $76.21. The stock has a 50 day moving average price of $82.42 and a 200 day moving average price of $85.90. Equity Analysts at the JP Morgan maintains the rating on Alibaba Group Holding Limited (NYSE:BABA). Cantor Fitzgerald reaffirmed a buy rating and issued a $110.00 price objective on shares of Alibaba Group Holding in a report on Friday, July 10th.